Gratiano and Salarino are seen discussing Lorenzo's tardiness - they describe how uncharacteristic it is of young lovers to be late. Lorenzo rushes on stage and calls to Jessica.

In a corrupted balcony scene, Jessica appears, dressed as a boy, and carrying the treasure she has stolen from her father. She throws it to Lorenzo, as they profess their love to one another. He tells her that she must stay in disguise and light the evening at the masque. Jessica fears to be in the light, dreading exposure, but Lorenzo reassures her.

She tells him she must return home to lock up her house - as she had promised her father - but also to take more coin.

Antonio enters to tell Gratiano that the masque is cancelled. the wind has turned and he and Bassanio must sail for Belmont that night.