So let's play this out:
1. Knight is in a room by himself (rest of party including wizard is unaware of his location or actions) and grabs a magic wand.
2. Pixie casts Fly on him.
3. Knight states that he wants to use his bonus action to cast a spell through his magic armor to turn himself invisible (home-brewed magic item), and the wand's magic prevents it from turning invisible (also homebrewed magic item).
4. Knight states that he wants to fly with a Dash action 120' out of the room he is in, through the room above with the rest of his party above their heads, and then out of the dungeon and 50 feet into the air out of sight of the party.
5. Let's say for arguments sake that the 3 parts of his move are equal (his room, party's room, 50' into the air) at a constant speed in those 6 seconds; he'd be in the room with the wizard for about 2 seconds.
6. The wizard - just finishing an encounter with a mummy - turns to see a wand flying quickly overhead.
7. Let's assume the DM rules that the knight does not gain Surprise despite turning himself invisible because of his plate armor.
8. Let's assume the the DM rules the wizard can immediately believe that the wand is not flying on its own (no roll required) and that the wand is carried by a magical effect caused by a spell and not an inherent magical ability.
9 As a free action, the wizard states that she wants to "stop it."
10. Let's assume the DM rules that initiative rolls must be made and wizard beats knight so she casts Dispel Magic.
11. Let's assume DM does not ask the wizard to clarify which creature, object, or magical effect she casts the spell on and allows the spell to assume she meant end the invisibility of the creature holding the wand.
12. Let's assume that Dispel Magic can target the invisibility effect on the knight during the 2 seconds that he in the room with her so she casts Dispel Magic which takes 1 action and causes his invisibility to end.
13. The knight's flight does not end so on his turn, let's assume he repeats his previous action so he can continue his plan, casting invisibility as a bonus action and dashing another 120 feet.
1. Knight is in a room by himself (rest of party including wizard is unaware of his location or actions) and grabs a magic wand.
2. Pixie casts Fly on him.
3. Knight states that he wants to use his bonus action to cast a spell through his magic armor to turn himself invisible (home-brewed magic item), and the wand's magic prevents it from turning invisible (also homebrewed magic item).
4. Knight states that he wants to fly with a Dash action 120' out of the room he is in, through the room above with the rest of his party above their heads, and then out of the dungeon and 50 feet into the air out of sight of the party.
5. Let's say for arguments sake that the 3 parts of his move are equal (his room, party's room, 50' into the air) at a constant speed in those 6 seconds; he'd be in the room with the wizard for about 2 seconds.
6. The wizard - just finishing an encounter with a mummy - turns to see a wand flying quickly overhead.
7. Let's assume the DM rules that the knight does not gain Surprise despite turning himself invisible because of his plate armor.
8. Let's assume the the DM rules the wizard can immediately believe that the wand is not flying on its own (no roll required) and that the wand is carried by a magical effect caused by a spell and not an inherent magical ability.
9 As a free action, the wizard states that she wants to "stop it."
10. Let's assume the DM rules that initiative rolls must be made and wizard beats knight so she casts Dispel Magic.
11. Let's assume DM does not ask the wizard to clarify which creature, object, or magical effect she casts the spell on and allows the spell to assume she meant end the invisibility of the creature holding the wand.
12. Let's assume that Dispel Magic can target the invisibility effect on the knight during the 2 seconds that he in the room with her so she casts Dispel Magic which takes 1 action and causes his invisibility to end.
13. The knight's flight does not end so on his turn, let's assume he repeats his previous action so he can continue his plan, casting invisibility as a bonus action and dashing another 120 feet.