The story begins with Aram being woken up in the middle of the night by Mourad, who excitedly invites Aram to come outside. To Aram’s surprise and delight, Mourad is sitting atop a beautiful white horse. Mourad, knowing how much Aram loves horses, allows him to ride it. They ride the horse throughout the summer, experiencing the joy and freedom it brings.
As days go by, Aram becomes curious about how Mourad, who has no money, managed to get the horse. Mourad claims to have “borrowed” the horse from a farmer named John Byro, an Armenian farmer known to both of them. Aram is initially suspicious, but Mourad convinces him of the truth of his story.
The true nature of the situation becomes clear when John Byro visits their family one day, talking about his stolen horse which, from his description, clearly matches the one Mourad has. However, John Byro does not directly accuse anyone, perhaps out of respect for the family.
Feeling guilty, Mourad admits to Aram that he actually did steal the horse. However, he justifies his actions by saying he only intended to keep the horse until he learned how to ride it, after which he planned to return it.
Determined to do right, Mourad and Aram decide to return the horse to its stable in the middle of the night so that John Byro can “find” it the next day. The next morning, John Byro visits them again, joyfully telling them about how his horse mysteriously returned. He comments on how the horse seems better-trained and well-fed than before.
The story ends with John Byro departing, leaving behind the subtle implication that he knew all along who took his horse but is grateful for its return and the care it received.