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In 1917, while Baron Nikita Krasnoff is on leave from his duties in the army in Moscow, the Russian troops revolt.  Nikita exchanges clothes with a dead peasant and convinces the revolutionaries who later find him that he is one of them.  To confirm his claims that he is a servant of his own household, the revolutionaries take Nikita to his home.  There, they question his servant, Tanyusha, who truthfully admits that she sees him every day.

The rebels then loot his home, and Nikita takes a jeweled saber as his share of the spoils, knowing that the famous Krasnoff pearls are hidden in the handle.  Nikita prepares to make his escape from Russia, and Tanyusha insists on coming with him despite Nikita's attempts to persuade her to stay with her people.  Nikita pays for their journey with the saber pearls, and they arrive in Constantinople destitute.  To Tanyusha's surprise, Nikita marries her.  He finds work as a dishwasher, while Tanyusha gets a job scrubbing floors.

One night after he is promoted to busboy, Nikita is recognized by fellow exile Vera Zimina, who suggests they take advantage of some naive Americans to finance a trip to Europe.  Leaving Tanyusha behind, Nikita romances Marjorie Murphy, the daughter of a rich American.  Vera has a copy made of the Krasnoff pearls, which Nikita is supposed to sell to Marjorie.  Nikita starts his sales pitch, but ends by throwing the necklace away in disgust and admiting the truth to Marjorie.

Learning that all Russians are to be deported from Constantinople, Nikita returns to find Tanyusha, who has left their apartment and her job.  During his search, Nikita himself is rounded up by the authorities.  At last, Tanyusha and Nikita are reunited in the lines of departing refugees and agree to return to Russia together.