Lorenzo, Graziano, Salerio and Solanio are preparing for a masque that night. Lancelot arrives with the letter from Jessica and hands it to Lorenzo. Lorenzo reads it and tells Lancelot to inform Jessica that he will not fail her. Lancelot leaves to bring the news to Jessica, and also to invite Shylock to Bassanio's house for dinner.

After the other two men leave, Lorenzo shows Graziano the letter from Jessica. He tells his friend that he and Jessica plan to steal away from her father's house that night, along with a great deal of her father's gold and jewels.