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 desire for survival and hedonistic pleasure, the protagonists encounter a series of grotesque and absurd figures in the cities of the southern Mediterranean. The text operates as a fragmented, episodic account, blending prose with verse to critique the social pretension and corruption of the era. The narrative framework relies on the perspective of a cynical observer, capturing the volatile environment of the Roman underworld.

Readers and scholars frequently identify this work as a foundational text for the picaresque genre due to its focus on social outcasts and episodic structure. Discussion often centers on the author's ability to balance biting social commentary with crude, often shocking humor. Critics highlight the text's unique linguistic style, which provides a rare glimpse into the vernacular of the ancient world. The work remains a subject of intense study regarding its influence on later European literature and its portrayal of Roman societal anxieties.