The third Kalandar, Ajib bin Khazib, is a prince who was shipwrecked by a Magnet Mountain. He has a dream telling him to shoot lead arrows from a brass bow and topple the bronze horse-man atop the mountain. He follows the dream exactly except that, while going to the Islands of Safety afterwards, he mentions the name of Allah. He is promptly dropped into the sea.

He makes it to an island where a man is hiding - from him, as it was prophesied the Kalandar would kill him. The Kalandar doesn't believe this, but sure enough, he kills him in a freak accident. The Kalandar leaves the island and eventually winds up at a strange palace, where ten young men live, each missing their left eye. He asks about them and they send him to another palace, promising to tell him their story when he returns. AT the other palace, he meets forty women and shares his bed with one every night. He has full run of the sumptuous palace except for a single door. Disobeying them, he opens the door and faints. When he wakes up, he finds a steed and tries to ride it. However, it doesn't respond and finally hits him in the left eye with its tail, knocking his eye out. It flies him back to the other men who are missing their left eyes; they all had the same adventure. They send him away and, shaving his beard, he goes to Baghdad where he meets the other Kalandars.

The men have now all told their tales. The next day, the Caliph commands that the three ladies come to his palace and tell their stories, beginning with The Eldest Lady's Tale.