The Prologue refers to the action of the play taking two hours.

I.i: Subtle and Face enter arguing over who is the senior man around the house. Dol Common attempts to stop their argument to little avail. It seems that Face (actually Jeremy the butler in the guise of Captain Face and wearing a full beard) has taken over his master Lovewit's house while Lovewit is in the country trying to avoid the plague. Face has invited in the charlatan, Subtle (an alchemist, snake oil Doctor, astrologer, and anything else that will earn lucre through deception) and the prostitute, Dol Common (who is mainly relegated to staying out of the way while Face and Subtle fleece the gulls.) Dol manages to convince them that they should be friends. They are reconciled as brothers in larceny.

I.ii: Dapper, a lawyer's clerk, comes to the house at Face's invitation to meet the doctor who can supply him with a devil/familiar, who will allow him to win at all games of chance. The doctor tells him that the Queen of Faery is his aunt and loves him well and therefore his suit is likely to meet with great success. When a knock comes at the door Subtle and Face get rid of this gull by telling him that he must return at one o'clock after fasting, taking several drops of vinegar, and saying "hum" and "buzz." Dapper is escorted through he back door.

I.iii: Able Drugger enters. He is a tobacconist who is just opening a shop and Face has invited him to have his future cast at the doctor's. Drugger wants to set up his shop according to the dictates of necromancy and numerology to ensure his success in business. Subtle tells him that he will discover the Philosopher's Stone, for which Face tells Drugger to give him gold in thanks for the information. Next, Drugger wants to know what days of the year will be good and bad for him. Subtle says he will investigate. Drugger is sent away to return later.

I.iv: Dol enters and announces having seen the supreme gull Mammon coming down the street with another gentleman in earnest conversation.

II.i: Out in the street Mammon is trying to convince his skeptical friend Surly that the Doctor will discover the Philosopher's Stone for Mammon with which Mammon will make all his friends rich and will himself roll in hedonistic pleasure. Surly is unconvinced.

II.ii: Face, disguised as Subtle's servant Ulen Spiegle (a.k.a. Lungs because he blows the alchemist's fires), admits Mammon and Surly to the house. Again Mammon anticipates the hedonistic delights of his imagined future. Surly says that he has heard that the discoverer of the Philosopher's Stone must be pure of heart, altruistic, and religious. Subtle, Mammon insists, is all of these things and will not abide even a profane word in his house.

II.iii: Subtle enters and is introduced to the "heretic" Surly. Subtle tells Mammon that the work is done and all that lacks is the time for the mixture to heat. Surly sees the whole jargon-laden pitch between Subtle and Face for what it is, a confidence game. Mammon is touched for yet more money to keep coals under the Stone while it sublimates. Surly engages Subtle in an argument over the merits and demerits of alchemy, and most of the popular arguments are proposed on both sides.

Dol accidentally comes out and is seen. When Subtle leaves to scold her for her indiscretion, Face tells Mammon and Surly that she is the insane sister of a lord. Her over reading has made her unbalanced, and the lord has sent her to the doctor for cure. Surly sees the whole picture—that Dol is some whore and the house some bawdyhouse. Mammon feigns that he knows the lord and has heard of the distracted sister, but Surly catches him in the lie.

Nevertheless, Mammon is enamored of Dol and secretly plots with Lungs to return and be with her. To get rid of Surly, Face (disguised as Lungs) tells Surly that Captain Face has sent to meet with him at Temple-church. He whispers to Mammon to return in two hours to meet the girl. Surly secretly guesses that all is a con because he knows Face's reputation as a bawd. He determines to come to Temple-church in some disguise to fool the confidence tricksters. Mammon and Surly leave; Mammon promises to send his metal ware over presently to be transmuted—his brass, pewter, even his andirons and spits.

II.iv: Face sets about to change into his Captain's costume and follow Surly to gull him, but before he can leave another gull comes knocking.

II.v: Ananias, the Anabaptist, is sent by his Brotherhood in Holland to see how the project is coming along. The Brotherhood has also contracted with Subtle for the Philosopher's Stone. They wish to wield political power in England and so return from exile. Subtle assures him that the work is progressing. He suggests that the Brethren buy the metal he has got from needy orphans (really Mammon's metal ware). Subtle says the money would go to feed the orphans and the metal could be used for transmutation. But when Subtle suggests the Brethren give him more money for coal Ananias balks, saying they have given enough and will give no more without results. Subtle feigns effrontery and swears to shut off the fire and ruin the project entirely if the elders do not come make atonement for Ananias's outrageous slander—he gives the elders threescore minutes to return (one hour).

II.vi: Captain Face enters with Drugger. Drugger now wants the doctor to devise a shop sign through necromancy, which will ensure success. Face wheedles more gold out of Drugger for the new request. After the doctor devises the sign, Drugger informs them that there is a rich young widow living near him whom he thinks would benefit by having her fortune told by the doctor. In addition, Drugger has designs on her, but her brother will not allow her to marry anyone lower than a knight. Her brother, Drugger says, is up from the country to learn roaring. Face assures Drugger that the doctor can not only cast the lady's future but can also give the brother a mathematical formula for roaring that will tell him when and with whom to roar. After Drugger leaves, Subtle and Face determine to draw lots over which of them will marry the rich widow, but Face is careful that Dol (with whom he has an understanding) should not know about the widow.

III.i: Ananias and Tribulation Wholesome discuss the necessity of staying in Subtle's good graces until the Philosopher's Stone is theirs.

III.ii: The Anabaptists come to Subtle and apologize. Subtle sells the orphans' (i.e. Mammon's) metal to them. He then says he must have money for coal. When the brothers balk, Subtle assures them that if the church funds run low he can melt some of the pewter and make Dutch coins with it. The brothers are not sure, believing counterfeiting to be against the law. Subtle says there is a distinction between "coining" and "casting." Only coining is illegal. The brothers are fairly convinced that "casting" coins is legal (mainly because they want it to be legal), but they go back to the Brethren to discuss and vote whether it is or is not legal.

III.iii: Face returns. He was unable to find Surly—Ananias's visit held him too long, and he lost Surly. But he has found a Spanish Count, who has been tempted to visit Dol. The Spaniard speaks no English. Subtle then plans to resell Mammon's metal ware to the widow.

III.iv: Dapper comes in with the roaring boy (who's 21). Subtle and Face must hurry to get Dol into her Faery Queen tire and Subtle into his doctor's robes. Drugger has brought tobacco but has forgotten to bring the damask he promised. Subtle assures Kastril that he will teach the young man to roar. Kastril is so impressed that he goes to fetch his sister, the widow, to the doctor. Face encourages Drugger that the widow soon will be his. Drugger is prepared to meet the Queen of Faery, he's fasted and taken vinegar, etc.

III.v: Subtle enters disguised as the Faery Queen's priest. They blindfold Drugger and make him give them all the money on his person. Mammon knocks to keep his appointment with Dol (the insane sister of the lord). Face delays Mammon while Subtle gets rid of Drugger. Drugger is told that he must sit in a fumigating room and not speak in order to be made fit to be in the presence of his aunt the Faery Queen. Drugger's mouth is stuffed with gingerbread and he is carried to the privy in the back of the house and locked in.

IV.i: Face, dressed as Lungs, admits Mammon. He cautions Mammon not to let the "pure" doctor know about his lecherous visit to the lady. He also cautions Mammon not to bring up the subject of divinity, the study of which has driven the woman mad, lest she fall into a fit of talking, which is the manifestation of her disease. He takes Mammon to Dol, and they go away together into the house.

IV.ii: When the widow and Kastril come back, Face must once again don his Captain's attire. Subtle uses his first roaring lessons with Kastril as an opportunity to kiss Dame Pliant. Subtle reads the lady's palm. Face enters and also kisses Pliant. The Spanish Count arrives to see Dol.

IV.iii: The con men are in trouble. The Spanish Count is there to see Dol, Dol is occupied with Mammon, and they can't risk disturbing Mammon or delaying the Count. They decide upon using Dame Pliant to sate the Spaniard's lust. They tell Pliant that the man she will marry will be a Spaniard—a Count, far better than the knight that Kastril had wanted. Kastril silences Pliant's objections to Spaniards and orders her to love the man who is destined to be her husband. Pliant is, true to her name, pliant to her brother's will. Subtle gives up his part in Pliant, not wanting to marry her after they have made her a whore. Face reluctantly agrees to have her anyway to wife. They bring in the Spaniard (who is Surly in his disguise). Because he cannot speak English (supposedly), the con men tell him outright, while bowing as if doing deference, that he is a scurvy yellow Spaniard and they are going to cozen him mercilessly.

IV.iv: Pliant and the Spaniard are introduced. They go into the garden.

IV.v: Dol is acting as if she is in one of the mad woman's fits, and Mammon is quite upset. Face enters and says Mammon has spoiled all. Subtle enters and pretends to be shocked that Mammon would behave so lecherously as to sneak in to see his patient. He says that Mammon's impiety has stopped the process of the Philosopher's Stone and all is ruined. A great explosion is heard. Face enters to say the laboratory has blown up, all is wasted. Mammon promises to go home and do penance. Face says he'll stop by and collect 100 pounds from Mammon to put into the box at Bedlam, which Mammon thinks is a good idea. After Mammon leaves Face prepares to marry the widow as Subtle makes plans to get rid of the Spaniard.

IV.vi: Surly tells Pliant who he is and exposes the con men for what they are. Subtle enters and begins picking his pockets while believing he is the Spaniard. Surly knocks him down. Face enters and sees what has happened. While Surly rails Face exits.

IV.vii: Face brings in Kastril to roar at Surly, telling him that this is Kastril's golden opportunity to put his art into practice. Kastril roars like a fool, won't listen to Surly nor allow him to get a word in. Drugger enters with the damask. Face tells Drugger that Surly was trying to cheat him out of the widow. At Face's encouragement, Drugger calls Surly a thief who owes him money and who should not on any accounts be believed. Ananias enters with news that casting coins has been voted as legal among his Brethren. He sees that Surly is being abused and jumps into the fray, saying that Surly is ungodly, etc. Surly, by this, is driven away. Face sends Kastril after Surly to plague his steps so he will not return. Drugger gives his damask to Face and is told that if he would have the widow he must return in a Spaniard's costume. Drugger runs to the playhouse to borrow Hieronimo's suit from his actor friends. Ananias encourages Subtle to proceed with their agreement.

Dol has been with Pliant all this time and Face fears she will guess his treachery to her. Dol enters, however, with news that Lovewit—the house owner and Face's master—has returned unexpectedly. Face runs to assume his own identity as Jeremy the butler. He takes Subtle and Dol out to help him shave off his beard.

V.i: Lovewit hears from his neighbors in the street that there has been a constant flow of people in and out of his house while he's been away. Some embellish their observations. Lovewit can't imagine why the house should be so used.

V.ii: Jeremy (Face in his proper form) comes into the street to meet his master. He keeps Lovewit from going inside by telling him that the cat has plague and has been disposed of, but the house has not yet been cleaned or fumigated for Lovewit's return. He swears the house has not been opened for over three weeks. The neighbors believe him. Lovewit suspects his neighbors are idle gossips.

V.iii: Mammon and Surly demand to be allowed in. Surly has convinced Mammon that he has been swindled. When no one inside admits them they go to get a warrant and bring constables. Next, Kastril enters, knocks on the door, and yells in to be given his sister the whore. The Anabaptists come and curse the house. Lovewit thinks the world has gone mad, but when Dapper cries out for help inside the house, Lovewit begins to suspect that Jeremy hasn't been altogether truthful. Jeremy confesses, but says that if Lovewit will forgive him he will marry his master to a rich young widow. Lovewit is willing to be shown the widow.

V.iv: Subtle brings in Dapper and tells him that he has ruined all by crying out. Face tells him that the Queen of Faery will visit him nonetheless because she loves him. Dol enters in disguise and gives her blessing to his games of chance. Dapper is pleased and leaves happy—after paying for their services to him. When Drugger comes to the door he is sent to fetch a parson to marry him to Pliant. Drugger leaves Hieronimo's costume with them. Subtle tells Dol of Face's intention to marry the widow. Dol and Subtle plot to take the jewels not to Ratcliff, where they were to meet Face and split the loot three ways, but instead to go off to Brainford and cheat Face of his share. The wronged Dol is all too willing to get back at her faithless Face. In addition she plans to pick all the jewelry off of Pliant. Face enters to find them kissing.

Face tells them that the game is up. Lovewit knows everything and has forgiven Jeremy in return for marrying Pliant (having wooed her in Hieronimo's cloak). Now the officers are sent for, and Subtle and Dol have seconds to escape by the back way. The officers knock while Subtle and Dol run away empty handed, cursing Face for cozening them.

V.v: The officers and all the gulls enter, but none of the con men are found (Jeremy looks nothing like his Face persona). Lovewit lies that Jeremy rented the house to Face and Subtle, but the two have escaped and cannot be found. He also announces that he has married Pliant. Surly is dejected that he lost his rich widow (having hoped to win her by saving her from dishonor by a Spaniard). Mammon reconciles himself that he can retrieve his treasure from Lovewit's basement (his metal ware), but Lovewit says he must first prove it is his and deliver affidavits stating how he was cozened out of it, Mammon decides to leave it alone. Ananias tries to claim the metal ware, but Lovewit threatens to cudgel him away, and so the Brethren leave. Drugger is also chased off when Lovewit mistakes him for a religious fanatic. Kastril is angry that Pliant has married below the rank of knight until Lovewit roars at him. Seeing his new brother is an accomplished roarer, Kastril is greatly satisfied with Pliant's match. Lovewit swears to be ruled by Jeremy in all things.

Subtle is the charlatan. He will do anything to make a dishonest living—he's a pimp to Dol, a fraud doctor, an alchemist, and so forth. He is less the adventurous miscreant and more the professional thief, which may go some way in explaining why he escapes without a penny while Face gets off scot-free.

Dol Common is a simple whore. She is bright enough to keep Face and Subtle from bringing their enterprise crumbling down upon the three of them with their arguing, but other than that she is rather useless.

Dapper, Drugger, Mammon, Tribulation & Ananias, Kastril, and Dame Pliant are all variations on the gull. Dapper is the young gentleman fool. Drugger is the young common fool. Mammon is the foolish knight. Tribulation & Ananias are the foolish zealots (and also proper targets for Jonson's audience, who had no more tolerance for Anabaptists than for Catholics). Kastril is the country gull and roaring fool. Dame Pliant is the silly ingenue. Each is nothing more than a mark for the confidence tricksters.

Surly is also an interesting variation in this play. Rather than having the tricksters gull everyone, Surly never falls for their plotting. But, even though he knows what's happening and actually infiltrates in the guise of the Spaniard and collects plenty of evidence against Face and Subtle, he is ultimately rendered impotent because no one will believe him once he discovers the trickery. The tricksters never gull him away from believing his own evidence (as they are wont to do in other situations with other characters) rather, they gull everyone around him into disbelieving him.

Lovewit is also a clever departure from previous plays of this New Comedy/City Comedy genre. He is almost gulled in act V, but sees too much evidence against Jeremy's weak explanations and at last fails to be gulled. But, in a clever turn of events, Lovewit doesn't care that his servant has made his house into a bawdyhouse and gulling station. Instead, Lovewit is happy to marry the rich widow Pliant and keep the bounty of Jeremy's trickery, forgive Jeremy and even swear to be ruled by him in the future. Thus, the conniver does not have any reckoning to make, but manages to have his cake and eat it too.

There are a couple of Jonson's favored allusions to forty-pound knights throughout the play, although not so obvious as they were in Eastward Hoe! See II.ii.86-7; II.vi.54.

Jonson makes several references to the theatres and players throughout this play. At II.i.70-2 he refers to the trouble players had performing plays in time of plague. At IV.iv.67-71 we learn that Drugger is a friend of the players and even goes to borrow Hieronimo's cloak from the costume locker in order to play the part of a Spaniard for Pliant.

II.iii.126 et seq. contains an excellent account of the arguments for and against the "science" of alchemy. Jonson obviously knew his alchemical arguments.

Unlike many of Jonson's earlier plays, this play does not take the high moral tone at the end whereby the lawbreakers and immoral characters must do some penance or be punished (see especially the hard punishment at the end of Volpone). Here everyone gets away unpunished except the gulls themselves, who are punished for being so stupid as to trust such a pack of thieves. Although Subtle and Dol are cozened out of their share of the loot, they get away fairly unscathed—certainly no worse than when they began the venture, and even improved by the months in which they lived in comparative splendor while playing their tricks.

Middleton and Rowley's A Fair Quarrel (for the similarity between Chough, the foolish country gentleman up to London to learn roaring and find himself a wife, and Kastril, the foolish country gentleman up to London to learn roaring and find his sister a husband).

Jonson's Volpone (for the general structure of both plays. The clever set up wherein all the gulls come to the centralized lodging of the trickster).