The narrative follows the chaotic and debauched wanderings of Encolpius and his companions as they navigate the moral decay of Neronian society. Driven by a desperate need for survival and pleasure, the protagonists encounter a series of grotesque and absurd figures while moving through the Mediterranean landscape. The text operates as a fragmented, episodic account, blending prose with verse in a Menippean style. It exposes the logical inconsistencies of Roman social hierarchies through the lens of characters who exist on the fringes of respectability.

Readers and critics frequently identify this work as a foundational text for the picaresque genre due to its focus on rogues and social outsiders. Discussion often centers on the author's ability to balance biting social commentary with ribald humor that remains provocative even by modern standards. Scholars highlight the text's fragmented nature, noting that the surviving portions offer a unique window into the daily life and linguistic habits of the ancient world. The work is consistently praised for its sharp characterizations and its refusal to adhere to the moralizing conventions typical of its era.