A vagabond dreams that he is King Vano, ruler of a small state. The story is played out in three different epochs; the same figures reappear in each epoch playing different roles. The characters change from scene to scene, sometimes within a single scene: a person of wealth suddenly turns into a pauper. Treachery, lies, destruction, and good intentions betrayed alternate in quick succession until finally, towards the end of the film, the characters are beginning to see the true values of life.