In the Latin Quarter of 1890s Paris, Rodolfo, a poet, and Marcello, a painter, share a garret studio. It is Christmas Eve and bitterly cold. The two friends try to stay warm by feeding pages of Rodolfo’s latest manuscript into the stove. They are joined by their roommates Colline, a philosopher, and Schaunard, a musician who has recently landed a job and who brings food, wine, firewood, and money. As they enjoy the wine, Benoit, the landlord, arrives to collect the rent. Plying the older man with wine, they flatter him shamelessly and urge him to tell of his flirtations, then throw him out in mock indignation. The friends depart for Café Momus, in the heart of the Latin Quarter, leaving Rodolfo behind. He promises to join them as soon as he finishes writing an article. There is a knock at the door: it is their unknown neighbour, Mimì, whose candle has gone out on the drafty stairs. She coughs painfully and, exhausted from climbing the stairs, she faints. Rodolfo, distressed by her pallor, offers her a glass of wine. After she has revived, he relights her candle and helps her to the door, but she discovers that she has dropped her key. Both their candles are blown out by a draft, plunging the room into darkness. As they search for the key in the moonlight, their fingers touch. Taking her shivering hand in his, Rodolfo tells Mimì about his life and his dreams. Mimì reveals that she is a seamstress who lives alone, waiting each year for the warmth of spring to bring the scent of real flowers instead of the ones she embroiders all winter. Drawn to each other, they declare their love and depart for the café.

In the busy square outside Café Momus, people jostle as street vendors hawk their wares. Rodolfo buys Mimì a bonnet before introducing her to his friends. They sit at an outdoor table, order dinner, and banter good-naturedly. A toy vendor, Parpignol, passes by, besieged by children. Marcello’s former lover Musetta sweeps in, followed by her suitor, the elderly, wealthy Alcindoro. Musetta sits near Marcello, but as he studiously ignores her, she realizes that she still loves him. Trying to regain the painter’s attention and affections, she sings a waltz about her beauty and irresistibility. Complaining loudly that her shoe pinches, Musetta sends Alcindoro to buy her a new pair. Realizing the purpose of Musetta’s ruse, Marcello sings to her ecstatically and they fall into each other’s arms. The bohemians join a group of marching soldiers, leaving a befuddled Alcindoro to pay the bill.

Marcello and Musetta are living in a tavern on the outskirts of Paris. Mimì, racked with coughing, appears, searching for Marcello. When the painter emerges, she pours out her heart: Rodolfo’s unrelenting jealousy has made their life together miserable; he has walked out. She begs Marcello to help them resolve their quarrels, before realizing that it’s probably best that they part. Mimì hides as Rodolfo, who has been asleep in the tavern, comes out. He tells Marcello that he wants to leave Mimì because of her constant flirtations. Pressed, he confesses that the real reason is that Mimì is very sick, and he is consumed with remorse. Rodolfo believes their poor living conditions have worsened her illness, and in his poverty, he can no longer provide for her. Overhearing this, Mimì cannot stifle her sobs, which draw Rodolfo’s attention. Wildly calling her name, Rodolfo takes her in his arms and they speak of needing to go their separate ways, despite their love. Hearing Musetta’s raucous laughter from inside the tavern, Marcello runs to investigate. Crockery is smashed and the two of them storm out, hurling insults at each other. As Musetta and Marcello quarrel, Mimì and Rodolfo agree to wait until spring before they separate.

In their garret, Rodolfo and Marcello gamely pretend to work as they talk of their lost loves. Their glumness is interrupted by the arrival of Schaunard and Colline bearing bread and a herring for dinner. The four then stage a dance, which becomes a mock sword fight. When the merriment is at its peak, Musetta rushes in. Mimì is with her, desperately ill. As Rodolfo helps Mimì to the bed, Musetta relates how Mimì left her rich lover and begged to be brought to Rodolfo. Marcello goes with Musetta to sell her earrings for medicine and a muff to warm the dying woman’s hands. Colline leaves to pawn his treasured overcoat to help pay for the doctor, while Schaunard withdraws from the room to leave Mimì and Rodolfo alone. The lovers recall the early days. When the others return, Musetta gives Mimì a muff and says a prayer. No longer able to fight for her life, Mimì peacefully dies. With agonized sobs, Rodolfo cries for his departed love.