Set in Madrid, the play tells of Don Carlo, who has fled his wife, Victoria, for the courtesan Laura. Laura breaks off with Don Carlo, but she holds on to the documents that entitle her to his land, a gift he foolishly gave her. We learn that Laura is in love with Florio, who is really Victoria disguised as a young man. Meanwhile, Victoria's friend Olivia is resisting efforts by her father, Don Caesar, to marry her off to a series of suitors. In desperation, Don Caesar pretends that he will marry and young girl and then send Olivia off to a convent unless she marries right away. Victoria persuades Olivia's servant to disguise himself as her rich uncle, the original owner of the land that Laura now holds. He convinces Laura that the titles are worthless, so in a rage she rips them up. Victoria reveals herself to Don Carlos, who repents and pledges himself to her again. Meanwhile, Olivia gets married to Julio, the man she wanted all along.