The main theme in Labdhapraṇāśam is about losing that which has been gained earlier. The well known story of the ready-witted monkey that escapes from the crocodile who wants to offer monkey's heart to his wife, forms the thread story of Labdhapranasha. The conversation between the monkey and the crocodile after he loses what he had gained forms the better part of the tantra with 11 sub-stories.