The narrative follows the chaotic and debauched wanderings of Encolpius and his companions as they navigate the moral decay of Neronian society. The protagonists, a pair of literate but morally flexible scholars, seek to survive and thrive through a series of absurd, often grotesque encounters across the southern Mediterranean. Their primary opposition consists of the fickle whims of fortune, the predatory nature of the social elite, and their own impulsive desires. The narrative framework is episodic and fragmented, utilizing a mix of prose and verse to document the shifting landscape of their precarious existence.

Readers and critics frequently identify this work as a foundational text for the picaresque genre due to its focus on the exploits of social outsiders. Discussion often centers on the stark contrast between the high-minded literary aspirations of the protagonists and their frequent involvement in sordid, low-stakes criminal activities. Many observers highlight the effectiveness of the author's satirical lens in exposing the hypocrisy of the wealthy and the desperate nature of the impoverished. The fragmented state of the text often generates debate regarding the original intent and the intended conclusion of the narrative. Scholars and casual readers alike note that the work remains a vital resource for understanding the social atmosphere of the ancient world.