Act one

A corsair ship attempts to escape from Seyid Pasha’s mercenaries, but is wrecked. The ship’s captain Conrad loses unconscious. The women from the fishing village, including them the Greek Medora and the Turkish Gulnara, help the surviving sailors. The mercenaries are in hot pursuit, and Medora directs the survivors to a hidden boat.
Ali, Conrad’s friend, stays behind to help the wounded. The mercenaries catch up with them, and the women and wounded corsairs are taken prisoner. The head mercenary, Abdullah, sells Medora, Gulnara, and Ali to the slave trader Lankedem.
Abdullah brings the captured corsairs to the Eastern market. Gulnara is bought by Pasha Seyid for his harem, and the same fate awaits Medora. Disguised as traders, the corsairs go to the market to rescue their friends. Conrad frees the slaves and captures Lankedem. The corsairs escape, taking gold, fabrics, and weapons with them. Pasha Seyid orders the execution of Abdullah for negligence.

Act two

In love, Conrad shows Medora his possessions on the corsair island. All the slaves and captives are granted freedom. Ali takes revenge on Lankedem: pretending to be a slave trader, he forces the prisoner to dance under the lash.
Medora is enchanted by Conrad and wishes to stay on the island, but her friends want to return home. The corsair leader gives the girls part of the looted gold. Birbanto is displeased, believing that the riches belong only to the corsairs. He challenges Conrad to a duel to dispute his leadership, but loses.
Lankedem persuades Birbanto to take revenge on Conrad, who is completely enraptured by the beautiful Greek girl. Unnoticed by the lovers, Lankedem puts a sleeping potion in their wine. After the first sip, Conrad passes out. The girl seeks help from the corsairs but falls into the hands of the traitors. Lankedem plans to send the beauty to his harem.
Meanwhile, Birbanto attempts to kill the sleeping Conrad, but faithful Ali manages to stop him. Birbanto treacherously kills Ali and follows Lankedem. Upon waking, Conrad realizes that his beloved has been kidnapped and his friend has been murdered, and he vows to take revenge.

Act three

Pasha unsuccessfully tries to win Gulnara’s favour. Lankedem appears with the kidnapped Medora and the masked Birbanto. Gulnara leads Medora to her.
Seyid Pasha appoints Birbanto as the new leader of the mercenaries, replacing Abdullah.
Pilgrims pass through the Pasha’s lands. Birbanto thinks they are disguised corsairs and forces them to reveal their faces. The elders are outraged. Seyid Pasha offers them rest in his palace.
Medora and Gulnara have become the jewels of the harem, like roses in a luxurious garden.
It turns out the corsairs were hiding among the pilgrims. They attack suddenly: Seyid Pasha calls for help, but it is too late. Birbanto and Lankedem are captured by the corsairs. Conrad tries to find out who killed Ali. Unable to discover the truth, he challenges them to a duel, in which Lankedem unexpectedly emerges victorious. The corsairs leave the slave trader stranded on the island without a way to escape, and they sail away to start a new free life.