The name "Benten Kozō" (弁天小僧) actually refers to the main character of the play, a gizoku (honorable thief), one of a band of five such men.

Meanwhile, Akaboshi Jūzaburō, another thief, is discovered attempting to swindle money intended for the memorial service from members of Senju's party.

A scuffle erupts and the group rushes into the teahouse where Benten Kozō is attempting to obtain from Senju a valuable gold incense burner which was a gift to her from Kotarō's family.

In the following scene, Senju is seen to have survived, and comes across Akaboshi Jūzaburō, who is preparing to commit seppuku (suicide) for his failure to rob her earlier.

Jūzaburō returns to his preparations, but is stopped by Tadanobu Rihei, who gives him the 100 ryō stolen from Senju's followers, and convinces him to join him; thus all five thieves are united.

The "lady" is shown a number of silks and brocades possibly suitable for her wedding dress, into which she inserts a small piece of cloth and then removes it, sticking it into her kimono.

Discovered, Kozō removes his outermost kimono, reveals his tattooed arm, and begins to explain his true identity, in one of the most popular monologues in the kabuki repertoire.

Drunk, Tamashima draws his sword and reveals himself as Nippon Daemon in a rousing speech, before demanding Kōbei hand over all the money in the shop.

Though Rikimaru and Kozō have made off with 100 ryō, the entire ordeal was a ruse to help Daemon earn Kōbei's trust, and to get himself into the back room.

As the police descend upon the shop, Kōbei offers Daemon a set of formal clothes ordered several days prior by the thieves.

The single scene of the fourth act takes place on the banks of the Inase River where, surrounded by the police and clad in formal kimono, all five reveal their identities and life stories in celebrated monologues.

One of his band, who informed on him to the police, steals away the incense burner, and after a long battle, Kozō commits suicide on the roof of the temple gate, seeking to atone for all his crimes.

Daemon throws off the attack, and spots Aoto Fujitsuna, the top official after whom the play was originally named, on a small bridge down below.