The book initially narrates the saga of João Romão on his path to wealth. To accumulate capital, he exploits his employees and even resorts to theft to achieve his goals. João Romão owns the tenement, the tavern, and the quarry. His lover, Bertoleza, helps him tirelessly from Sunday to Sunday, working without rest.

In contrast to João Romão is Miranda, a well-established merchant who engages in a fierce dispute with the tavern owner over a piece of land he wishes to buy to expand his yard. Unable to reach an agreement, the two temporarily sever their relations.

Envious of Miranda's higher social status, João Romão works tirelessly and endures hardships to amass more wealth than his rival. However, one event changes his perspective: when Miranda receives the title of baron, João Romão realizes that making money alone is not enough. One must also display recognized social standing, frequent refined places, acquire fine clothes, go to the theater, read novels—in other words, actively participate in bourgeois life.

In the tenement, meanwhile, are residents with lower financial ambitions, including Rita Baiana and Capoeira Firmo, Jerônimo and Piedade. An example of how the novel seeks to demonstrate the negative influence of the environment on individuals is seen in the case of Jerônimo, a Portuguese man who leads an exemplary life until he falls for the charms of the mulatta Rita Baiana, undergoing a transformation that changes all his habits.

The relationship between Miranda and João Romão improves once Miranda receives the title of baron and gains superiority over his rival. To mimic his opponent’s achievements, João Romão makes various changes to the lodging, which now exudes an aristocratic air.

The entire tenement changes as well, shedding its disorganized and miserable character to become Vila João Romão. João Romão then aligns himself with Miranda’s family and requests the hand of the merchant's daughter in marriage. However, there is an obstacle: Bertoleza, who, realizing João Romão’s schemes to get rid of her, demands her share of the wealth accumulated by his side.

To rid himself of his lover, who hinders his plans for social ascension, Romão reports her as a runaway slave. In a desperate act, on the verge of being captured, Bertoleza takes her own life, clearing the way for Romão’s marriage.