Wandering the streets of London one night with Bunny, Raffles, who is becoming bored and blase about the ease with which he is able to steal from the rich, acts on the spur of the moment and breaks into a house while the owners are actually present.

To his astonishment he finds that he has chosen the house of an old flame of his, a long lost love who is already married. He is discovered by this lady in the act of stealing her jewellery, but she confesses to Raffles that she still loves him, and wants him to go away with her.

Raffles still loves the lady, but he also loves his life at The Albany, and playing cricket for England, and stealing diamonds.

Raffles must find a way of maintaining the status quo.