In 1866, a brilliant young orphan and his ailing younger brother are taken in by a charitable aid organization, where they catch the attention of the son of an earl, who is discontent with Britain’s class system.

Sherlock Holmes gets in trouble with his landlady Mrs. Hudson for not paying his rent. Holmes’ friend, Dr. Stamford, suggests Holmes get a flatmate and sends Dr. John Watson, whom Holmes deduces is a retired army doctor. Mrs. Hudson is impressed enough to allow Watson to become Holmes’ flatmate. Inspector Lestrade of Scotland Yard arrives and arrests Holmes for suspicion of murdering Count Drebber.

Sherlock is frustrated because he thinks there’s a mastermind behind the Noahtic and Drebber cases whose identity eludes him. Returning on a train after an unsatisfying investigation into another aristocrat’s death, he happens to meet William again.

Following William’s plan, Albert invites Irene to a masquerade, where a game with the famed “Lord of Crime” as its theme is being played. Dressed as a man, Irene uses the game to contact Albert, pleading for her safety in return for the stolen papers.

A series of murders is being carried out by someone claiming to be Jack the Ripper. In response, a vigilante group of the town's poor confronts Scotland Yard while William and the real Jack scramble to uncover the true culprit's aims and foil their plans.

Whiteley goes alone to deal with the House of Lords with the irrefutable proof obtained from Albert in hand, but finds Milverton, the king of blackmailers. Even as Whiteley negotiates with him, Milverton's devilish clutches close in on his dear brother.

William aims to complete his plan with his death, as Albert and the others each carry out their roles. Meanwhile, Sherlock deduces William's true reason for having him vanquish the Lord of Crime. Overlooking London, the pair face each other one last time.

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