Larry Darrell, an American pilot traumatized by his experiences in World War I, embarks on a quest for meaning and spiritual fulfillment. He spurns the conventional path of wealth and social status coveted by his fiancée, Isabel Bradley, and instead travels to Paris, where he engages in bohemian life and studies philosophy. His search for enlightenment takes him further to India, where he seeks wisdom from a Hindu sage. Meanwhile, back in America, Isabel marries Larry's best friend, Gray Maturin, who faces financial ruin during the Great Depression.

As years pass, Larry returns to Paris and encounters his old friends whose lives have sharply diverged. Isabel struggles with her lingering feelings for Larry, despite her prosperous but troubled marriage to Gray. Larry also reconnects with Sophie MacDonald, a childhood acquaintance who has spiraled into despair after personal tragedies. Determined to find inner peace and help his friends heal, Larry's journey becomes intertwined with their fates, showcasing the stark contrasts between material wealth and spiritual riches.