Peter Blood, an Irish physician settled in a quiet English town, is arrested and sentenced to ten years of brutal slavery in Barbados for the crime of offering medical charity to a wounded rebel. While enduring the grueling conditions of a sugar plantation, his sharp intellect and unyielding spirit help him maintain his dignity, though a smoldering hatred for his captors takes root within him. Fortuitously spared the worst fates through his medical skill, he earns a degree of freedom and secretly plots an escape with a small band of desperate fellow convicts.
The great turning point arrives when a Spanish privateer raids the island, throwing the colony into chaos. Seizing a moment of supreme daring, Blood and his companions capture the Spanish galleon in the harbor and turn its guns against the fleeing raiders, winning their liberty in a single masterstroke. They sail away to Tortuga, the lawless haven of the Brethren of the Coast, where Blood is acclaimed as a hero and elected captain of a formidable pirate crew.
Now styling himself Captain Blood, he embarks on a campaign of calculated vengeance against Spanish shipping, striking fear into the heart of the mighty Spanish Empire in the Caribbean. His primary nemesis becomes Don Miguel de Espinosa, the Admiral of Spain, who pursues him with relentless fury. Blood's operations combine brilliant tactical daring with a strict moral code that sets him apart from common cutthroats.
The narrative culminates in a daring raid on the mainland city of Maracaybo, where Blood's forces outwit superior Spanish fleets through audacity and clever engineering. Trapped in a lake by the Admiral's heavy warships, Blood turns the situation around with a brilliant stratagem involving a fire-ship and psychological warfare. Ultimately, he outmaneuvers his pursuers, secures immense wealth, and lays the groundwork for his eventual redemption.