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The Thieves Guild is an organization for the gathering and training of those stealthy and shadowy in nature. Although criminal by its very definition, the local authorities often tolerate the existence of the guild as its presence often greatly decreases, if not eliminates, the more unstable or dangerous criminals.

Like any trade guild, the Thieves Guild is an organization of professionals, except that in this case the professionals are thieves, robbers, pickpockets, smugglers, and other enterprising operators. They don't have public guild halls, but in large towns they do tend to gather at a single location, such as a cornerclub, inn, or tradehouse. The Thieves Guild in Cyrodiil is a much more covert organization than the one in Morrowind. It is run by the mysterious Gray Fox, believed by some to be a supernatural being.