The Maltese Falcon, a jewel-encrusted statuette of a bird, acts as the central symbol of the novel. Its promise of immense wealth drives the characters to lie, betray, and even kill. However, the Falcon itself is shrouded in layers of deception, its true history and value remaining elusive. This emphasizes how the pursuit of material wealth can corrupt and ultimately prove hollow.

Sam Spade inhabits a morally ambiguous world. He is a cynical and pragmatic detective, willing to bend the rules and use manipulation to achieve his goals. Yet, he operates within a personal code of honor, evident in his loyalty to his murdered partner and his pursuit of justice, however flawed it may be. This raises questions about the nature of good and evil in a society where everyone seems compromised.

Brigid O'Shaughnessy embodies the classic femme fatale. She is beautiful, alluring, and a master manipulator, using her charms to control and deceive Spade. Though initially appearing as a vulnerable client, Brigid's true nature gradually unravels, revealing her capacity for ruthlessness and violence in her pursuit of the Falcon. This reinforces the theme of deception, showing how appearances can be deceiving and trust is a dangerous commodity.