This work, considered the composer's masterpiece, is a lyric comedy in three acts with a libretto by Federico Romero and Guillermo Fernández Shaw based on Félix Lope de Vega's La discreta enamorada. It was premiered at the Teatro Apolo, Madrid, on October 17, 1923.

Situated in Madrid in the mid-1800s, the curtain opens on carnival time. Vives' harmonic invention and excellent orchestration are apparent from the outset. The story centers around lovely Doña Francisquita who is in love with Fernando, a student, and is searching for ways to have them meet. Fernando's friend Cardona urges him toward Francisquita but Fernando is smitten with the actress Aurora. However, Aurora will have nothing to do with him.

The plot adds another twist when it becomes apparent that Fernando's father Matías, a widow, has amorous feelings for Francisquita. Her widowed mother mistakenly assumes that she herself is the object of Matías' affection. Francisquita thinks that she can eventually get Fernando interested if in the meantime she allows Matías to believe he is making headway with her. At this point, each character's actions and interior motives further diverge: Fernando resolves to make Francisquita believe he is in love with her in order to ignite the flame of jealousy in Aurora.

At another carnival-like festival held oceanside, the elder Matías asks his son Fernando to meet Francisquita whom Matías supposes he is to marry. Fernando is surprised to discover that his affections are strong for both Francisquita and Aurora. But Francisquita continues her duplicitous ruse by pretending to be only attracted to and willing to marry Matías.

Despite his confused feelings, Fernando convinces Cardona to participate in a farce in which his friend cross-dresses as a woman; the two interact amorously and succeed in making Aurora jealous.

During a mazurka, Fernando and Francisquita wind up dancing together, and Matías, finally beginning to understand his son's true affection, dances with Aurora. A further complication to this shifting imbroglio is introduced when Francisquita's mother is led to believe that Fernando is after her rather than her daughter. But at the conclusion Fernando and Francisquita are finally united and the zarzuela ends happily.

© All Music Guide