The narrative opens in the heart of London, near old Saint Dunstan's church, introducing Sweeney Todd, a peculiar and unsettling barber of the old school. Todd runs a thriving business while hiding a dark secret in his upper rooms and back parlour, where unsuspecting customers meet a gruesome fate. Among his victims is a sea-faring man named Mark Ingestrie, who carries a valuable string of pearls intended for his beloved Johanna Oakley. Johanna, the daughter of a local spectacle-maker, pines for Mark, tormented by a vivid dream of his shipwreck and loss at sea.
Meanwhile, Todd's young apprentice, Tobias Ragg, lives in perpetual terror, bound to silence by Todd's sinister threats concerning his mother. The plot thickens as Colonel Jeffery, a friend of Lieutenant Thornhill—who is later revealed to be Mark Ingestrie in disguise—begins searching for the missing man. The trail leads directly to Sweeney Todd's shop, where a faithful dog persistently guards its master's hat and refuses to leave the premises.
As the investigation deepens, Todd attempts to dispose of the priceless pearls through a lapidary in Moorfields and later via a wealthy money-lender, narrowly escaping capture by a mob of pursuers and finding temporary refuge in a den of thieves. Concurrently, Johanna, driven by profound grief and unwavering devotion, resolves to uncover the truth behind her lover's disappearance, eventually enlisting the aid of her friend Arabella to infiltrate the barber's shop disguised as an assistant. Within the shadowy cellars beneath Bell-yard, Mrs. Lovett operates a wildly popular pie shop, utilizing her own macabre methods to supply the savory ingredients that fuel the local legal community's appetite. As the walls slowly close in on the murderers, Tobias gathers his courage to investigate the forbidden upper floors, discovering a hidden museum of victims' belongings that confirms his darkest suspicions. The narrative weaves together themes of justice, unwavering loyalty, and retribution, building toward an inevitable reckoning where the sinister partnership between the barber and the pastry-cook faces exposure.