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Paris is under siege by the forces of the Duke of Burgundy; popular support for King Louis XI is at a low point. Villon – poet, braggart, thief and darling of the Paris rabble – has sent anonymous love poems to the beautiful Katherine de Vaucelles. These have caused her to reject proposals from King Louis. She goes to seek the mysterious poet at an inn, but King Louis shadows her in disguise. Louis is incensed to hear Villon mocking the failures of his reign and saying what he would do instead "if I were king." The infuriated monarch reveals himself. The king gives Villon a hard choice: as punishment for speaking treasonously, he must either stop courting Katherine or accept the position of Grand Marshal, with all the powers of King, for 24 hours, during which time he must make good on his boasts and free Paris. At the end of the 24 hours, Villon will hang. Villon's dilemma is that he has promised himself to Huguette, his mistress, but now is deeply in love with Katherine.
Villon and Katherine declare their love for each other ("Only a Rose"). Hugette describes her means of livelihood ("Love for Sale"). Villon accepts Louis' challenge. Rather than sending the King's Scottish mercenaries against the Burgundians, Villon rouses the Paris mob to defend the city. Huguette discovers that Thibault, one of Louis's advisors, is a traitor. When Thibault ambushes Villon and tries to stab him to death, Huguette steps in front of the blade and takes the blow, thus sacrificing her life, and freeing Villon to be with Katherine. He kills Thibault in retaliation and then leads the Paris rabble to fight the Burgundians. The Parisians emerge victorious. After the battle is over, Katharine offers to sacrifice herself to the hangman in order to save Villon. Louis, realizing he cannot shed noble blood without a just cause, rewards Villon with exile instead of death, and the two lovers leave together.
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