A big black and white blotted horse, with one blue and one dark eye. Wit companion of Lostler. He was brought to Buckkeep's market by a Chalcedean trader and bought by Princess Caution who also negotiated Lostler, formerly a slave, to be part of the deal. He served as a stud at Buckkeep's stables and left many blotted offspring. He would only suffer Lostler to handle or ride him, the only exception being Caution if Lostler asked him to do it. Later, when Caution and Lostler were estranged, she decided to sell the horse. Buckkeep's smith tried to take the stallion out of the stables to get him to the market but the horse attacked him fatally and the smith killed him in self defence. The smith was the brother of Buckkeep's previous stablemaster who had been replaced with Lostrel by Princess Caution.
According to folklore the Piebald Stallion was a horse trained by Sly o' the Wit. It was said that the horse was true only to him, and everyone cautioned the Willful Princess not to ride him. But she did not listen to them, and went to hunting astride the stallion. According to the legend, the stallion carried her away from the hunting party and later, when she was drinking water from a stream, disappeared and Sly o' the Wit was in his place.