Scarlett is the responsible, pragmatic elder daughter of Governor Marcello Dragna. She possesses the unique ability to perceive her emotions as physical colors. Driven by a deep need to protect her younger sister, she clings to the hope that her arranged marriage to a mysterious count will offer them both a safe escape from their abusive home. When she is suddenly swept away to Caraval, she faces the terrifying prospect of leaving her carefully controlled life behind.

Donatella, often called Tella, is the fair-haired, adventurous younger daughter of the governor of Trisda. In contrast to her sister's cautious nature, she embraces risk, flirtation, and open rebellion against their father. Her willingness to push boundaries acts as a major catalyst for their sudden departure from the island to attend the magical performance.

Governor Marcello Dragna rules the conquered Isle of Trisda. Following the sudden disappearance of his wife, he became a violent and manipulative figure who uses physical and psychological abuse to control his daughters. He views Scarlett primarily as a political asset to be traded for greater legitimacy and power through an advantageous marriage.

Julian is a charismatic and seductive sailor who recently arrived in Trisda. He possesses a highly confident demeanor and offers the Dragna sisters a secret way off the island to attend Caraval. He acts as a guide and companion to Scarlett as she enters the magical game, frequently challenging her rigid preference for safety over the thrill of living.

Master Legend is the elusive, magical architect of Caraval. Known largely through rumors and childhood stories, he possesses the power to bend reality and create impossible illusions for his guests. He operates from the shadows, orchestrating the elaborate events of the performance while maintaining an aura of total mystery and latent danger.

Count Nicolas d'Arcy is Scarlett's arranged fiancé. From afar, he presents himself as a wealthy, refined gentleman who promises to rescue Scarlett and her sister from their current life. He remains a faceless, idealized figure in Scarlett's mind as she faces the dangers of the game, representing her ultimate hope for safety.

Dante is a handsome, heavily tattooed participant in Caraval who frequently crosses paths with Scarlett. Dressed in all black, he initially appears helpful by offering Scarlett a place to stay, but he quickly proves to have a much colder demeanor when crossed or challenged.

Nana Annalise is the Dragna sisters' grandmother who fills their childhood with sweeping stories of Caraval's magic. She is a secretive, elegant woman who once had a profound personal connection to the leader of the magical troupe before marrying a wealthy merchant instead.

Aiko is an eccentric and quiet observer within the world of Caraval. Dressed in bold, elaborate gowns, she carries a magical journal that documents the history of the game and its players. She offers cryptic advice to Scarlett while demanding steep, personal prices for the information she holds.

Paloma is the missing mother of Scarlett and Donatella. Her sudden disappearance from Trisda years ago triggered her husband's violent descent into tyranny and abuse. She remains a lingering presence in her daughters' lives through her absence and the heirloom earrings she left behind.

Nigel is a fortune-teller within Caraval who completely eschews traditional crystal balls. Instead, he uses the magical tattoos covering his body to read a person's future, operating on the belief that futures are set by predictable patterns of human fear and desire.

Jovan is a performer at Caraval who acts as an usher and ground guide. She operates the boats traversing the canals and delivers heavily scripted warnings to the players, reminding them not to confuse the magical performance with actual reality.