In 16th-century London, a poor boy named Tom Canty reads aloud to a group of street children when his brutal father, John Canty, threatens to beat him unless he steals five shillings by suppertime. Tom slips into the city square, snatching a purse from a rich man but dropping it after a sharp nudge, and a crowd gives chase through the crowded streets.
He escapes by scrambling up a wall and slipping through a palace window, landing in a garden before King Henry VIII. The guards close in, but Tom out-sprints them to the castle roof and hides in a chimney. That evening, Henry VIII orders the arrest of Thomas Howard, the Duke of Norfolk, to be carried out at the masked ball.
In the royal chamber, Edward, Prince of Wales refuses to wear a costume, and Tom, who has followed him inside, explains who he is. Intrigued by Tom’s likeness, Edward proposes they swap appearances and clothes to attend the masked ball, with the caveat that the Prince’s Seal remains with the true Prince. Mistaken for Tom, the Duke of Norfolk orders that Edward be escorted out; outside, the skilled swordsman Miles Hendon rescues him.
At the ball, the Duke of Norfolk is arrested, and the king and guests laugh at Tom’s dancing. Tom insists that he is not the Prince of Wales, while Edward insists he is the rightful heir. Miles, wary but hopeful, believes him enough to take him to [John Canty], where Edward discovers what Tom’s life has been like. When John tries to beat the boy, Miles intervenes, and in the struggle John hurls Miles from a roof into a stream. John is branded a murderer and flees London with Edward.
Back at court, Henry VIII has fallen ill and forbids anyone from declaring that Tom is not the Prince, not even Tom himself. Some in the royal household grow suspicious, but they write it off as a phase. In a forest, Ruffler’s gang gathers strength as word spreads of the king’s death; The Ruffler leads his men, and Edward is inspired by their hardship to fight for their honor. After a victory in the woods, Edward continues his journey.
Miles, who survived the fall, reaches Hendon Hall with Edward. He is furious to learn that his brother, Hugh Hendon, has married Miles’ sweetheart, Lady Edith and claimed the hall for himself. Edith helps Edward and Miles escape, and Edward convinces Miles that he truly is the rightful king, offering to restore him to his honor as a Knight.
The coronation day arrives. Edward and Miles race toward London, after briefly hijacking a horse and cart used by Hugh and Edith. Hugh breaks free and fights to have Miles arrested, but Miles and Edward fend off the guards and reach Westminster Abbey before the doors close. Edward halts the ceremony, and the two swap back to their original identities, admitting they were not cut out for playing each other. With Archbishop Archbishop Cranmer and the witnesses stunned, Edward presents the Prince’s Seal and takes his place as the rightful king.
Afterwards, Edward appoints Tom Canty as Governor of Christ’s Hospital, and Tom’s mother, Mother Canty, establishes shelters for the homeless. Hugh’s political ambitions in America move forward as the marriage of Miles and Edith endures, Miles is restored to his honor as a Knight, and Princess Elizabeth grows toward becoming queen, keeping her promise to take good care of England.
