Pahóm is a Russian peasant farmer with a wife and sons. He works hard tilling the land but harbors a deep-seated belief that having more property would solve his problems and insulate him from trouble. He is shrewd and ambitious, actively seeking opportunities to improve his family's material standing through constant land acquisition.

The Devil is a supernatural entity who preys upon human pride and greed. He operates behind the scenes, actively laying traps for those who display arrogance or dissatisfaction. He uses material temptation, specifically the acquisition of property, to assert power over mortals.

The Chief is the leader of the nomadic Bashkir people. He holds great authority over his community, who respect his final say on all property transactions. He dictates the highly unusual and physical terms of sale for their vast, unmeasured grasslands.

The Dealer is a traveling merchant returning from the distant Bashkir lands. Over tea, he shares tales of purchasing vast tracts of high-quality land for mere pennies an acre simply by offering the locals gifts like silk robes and carpets.

The older sister of Pahóm's wife is married to a tradesman and lives in the city. She prides herself on her family's access to fine clothes, good food, and theater entertainment. She openly mocks the humble, rural existence of her sister's family, triggering the story's initial conflict.

Pahóm's wife is a contented peasant woman who appreciates the stability of her country life. She believes that while her family may never be wealthy, they do not have to worry about losing their fortunes or falling prey to the temptations of city life.

The Peasant is a traveler journeying from the area beyond the River Volga. He brings news of a new settlement where people are granted twenty-five acres of incredibly fertile land each, sparking immediate interest in his listeners.

Simon is a peasant who lives on a homestead near the first swath of property that Pahóm purchases. He becomes entangled in a bitter local dispute when he is blamed for cutting down Pahóm's lime trees.