Hrafnkel is the eponymous protagonist of the saga and the fifteen year old son of Hallfreður. Hrafnkel eventually grows into a strong man and erects a temple, dedicating much of the livestock to his deity. Due to his religious fervor, he is named Freysgoði.
After Einar, a shepherd, is forced to ride Hrafnkel's favorite horse, Hrafnkel vows to avenge this dishonor and kills Einar. Einar's father then decides that he wishes justice for the death of his son and goes to Samur. They are eventually able to attain the aid of Þorgeirr, a powerful chieftain.
As a result of this Hrafknel is found guilty and can be killed by Samur. However, Samur gives Hrafknel a hard choice and Hrafknel is stripped of his honor and forced to start from scratch. After Þorkell and Þorgeirr destroy Hrafknel's temple, he loses faith in the gods and stops performing the rituals he used to perfor before.
Finally, Hrafknel seeks revenge and Samur ends up finding him in the same situation in which he had once trapped Hrafknel. He too chooses to be stripped of his honor and ends up having to live as a subordinate while Hrafknel becomes a respectable chieftain.