The author discusses the activity of the theater Bajka active in Vilnius in 1937-1941; personalities who created this theater are presented; the repertoire and its development are analysed, based on the change of the pilot situation; the reasons for the closure of the theater are discussed; the creative potential of this theatre is emphasized, since it enabled to create an unusual artistic phenomenon in extremely dire financial circumstances; a hypothesis is presented as well that during its top creative period Bajka was one of the best Polish theaters that had ever operated in Vilnius