On the night of Setsubun (the eve of spring) along the banks of the Ōkawa River. Ojō Kichisa, a beautiful thief disguised as a woman, robs a street prostitute named Otose of one hundred ryō and pushes her into the river. Obō Kichisa, a former samurai turned thief, witnesses this and tries to seize the money for himself. The two come to blows.

Just then, Oshō Kichisa, a commanding figure with the bearing of a gang boss, appears and mediates the dispute. "I'll hold the hundred ryō," he declares, settling the matter neatly. The three men hit it off and swear an oath of brotherhood, promising to meet on every kōshin night. Among the hundred ryō that Ojō stole, there is also a short sword called "Kōshinmaru."

As the story unfolds, an intricate web of fate is revealed. Otose, the woman thrown into the river, turns out to be Oshō Kichisa's long-lost sister. Jūsaburō, a shop clerk who is Otose's lover, is in fact her twin brother. The hundred ryō and the sword Kōshinmaru are both connected to dark deeds committed long ago by Oshō's father, Dozaemon Denkichi. Without knowing it, the three Kichisas have become entangled in an inescapable web of karmic fate.

Cornered at last, the three find themselves surrounded by officers beneath the fire lookout tower in Hongō, as snow falls around them. Realizing there is no escape from their destiny, the three turn their blades on one another, honoring their oath of brotherhood by dying together at the same moment.

The greatest highlight is the scene at "Ōkawabata Kōshinzuka" (The Kōshin Mound by the Ōkawa River). Ojō Kichisa's famous speech — "Tsuki mo oboro ni shirauo no, kagari mo kasumu haru no sora... koitsu wa haru kara engi ga ii wa e" (The moon is hazy, the white-bait fires dim in the spring sky... what fine luck to start the spring!) — is one of the most celebrated lines in all of kabuki. Its lilting 7-5 syllable rhythm is hauntingly beautiful, unforgettable even on first hearing. This scene is also frequently performed in regional jishibai (amateur kabuki) productions.

The scene where the three swear their oath of brotherhood is another highlight. The meeting of three utterly different characters — Ojō, Obō, and Oshō — and the stylish staging in which they exchange sake cups in the manner of Setsubun bean-throwing, is a prime example of playwright Mokuami's wit and elegance.

The climactic scene at the "Hongō Fire Lookout Tower" is breathtaking. The three meet their spectacular end amid falling snow. Though the conclusion is one of karmic retribution, the sight of three men honoring the bonds of brotherhood to the very last is profoundly moving.