Ellich, a young thief, meets the men-at-arms Hamral and Bishop in the Frounter town of Heremac. The three are soon hired as guards and laborers by a shifty man named Pierce, and are contracted to join a train of merchants bound for distant Weredrice.

While a snow storm rages, the merchant train stops in the village of Haldale. Despite the objections of the merchants about the wretched weather, Pierce insists that they press on. A few miles south of Haldale, bandits ambush the train. Hamral, Ellich, and Bishop battle fiercely; in the course of the fight, Pierce is revealed to be a traitor and is slain. Some bandits escape and unfortunately, all of the merchants are killed. The party attempts to spend the night in the ruins of the merchant train.

The next morning the cold and exhausted party arrives in the village of Abberlane, where they report their mishap to the local lord, Sire Corwyn. Skeptical of their story, Corwyn generously suggests that they had better track down the bandits, to avoid suspicion.

After a brief layover the party leaves Abberlane in search of the bandit's hideout, located a few hours march into the Westwoode. The bandit's camp is almost abandoned; after dealing with some guard dogs, the party subdues the few bandit stragglers and prepares a surprise welcome for the rest of the bandits.

Later, more bandits arrive; a fierce battle ensues. Many bandits are slain and a few are captured, but Ellich is gravely wounded. The bandits bear fabulous treasure, obviously plundered from a church. The bandits speak of their leader (known only as "his Lordship") and describe another hideout, deeper in the Westwoode.