In 1476, Micheletto Faliero, a corrupt banker, is imprisoned in Venice for smuggling spices. While in prison, he experiences a mystical phenomenon known as the Miracle of the Rose. According to legend, when one is in dire straits or facing imminent death, they will find a red rose nearby, a sign that God has come to bear away their anguish or rescue their souls. Micheletto tries to fight his growing transformation, but against his will, his impure habits are slowly turning into charitable ones, earning him the reputation of a saint. However, his moral growth lands him in a dangerous predicament when he befriends a Jewish boy amid the turmoil of the ruthless Inquisition, and falls madly in love with a Spanish noblewoman who is the prize of powerful suitors. In such desperate circumstances, Micheletto discovers who he truly is.