Like the other books in that series, the novel is heavily influenced by the d'Artagnan Romances written by Alexandre Dumas, and is written by Brust in the voice and persona of a Dragaeran novelist, Paarfi of Roundwood, whose style is a tongue-in-cheek parody of Dumas, matching both his swashbuckling sense of adventure and his penchant for tangents and longwindedness.

After Khaavren survives an attempt on his life, he learns that several key members of the court have been killed, including his former commander, Captain G'aerrth (leading to Khaavren's promotion to captain and officially taking full command of the Phoenix Guards), and deduces that a conspiracy is underway to damage the fragile Empire.

A shadowy figure called Greycat has planned the murders as part of a scheme to cause chaos in the Empire and then come to its rescue, so that he may gain a place at court.

Greycat continues to send minions in failed attempts to kill Khaavren, while his conspirator Grita works to start a riot in the city.

Meanwhile, Greycat directs his lackey, Dunaan, to hire a naive but highly skilled Jhereg assassin named Mario to kill the Emperor and gives him a fake magic weapon for the task.

Mario does fail, but manages to escape with the help of Aliera, who now truly hates the Emperor after he orders the arrest of her father for treason.

Khaavren and company recognize Greycat as the former Duke of Garland, who had been disgraced by the group's actions during the events of The Phoenix Guards.

Terri Windling characterized the novel as "a splendid magical swashbuckler in the rousing tradition of Dumas and Sabatini".