Poor Lazarus comes to the rich man's door. The rich man (Dives/Diveres/Diverus) refuses to offer charity. Lazarus dies and is rewarded after death; the rich man suffers eternal punishment
Jesus's story of the rich man and Lazarus -- which, be it noted, was a warning, not a description of an actual event -- is found in Luke 16:19-31 (the Lazarus of John 11, 12 is unrelated). The name "Dives/Divers" from the Latin dives, rich/rich man.
The Lomaxes seem to regard their text, "Dives and Laz'us," as a "Dives and Lazarus" variant. This seems rather a stretch -- the song is about Lazarus, but the form does not much resemble the Child ballad. But I have seen nothing similar elsewhere. Given the undeniable possibility of Lomax editorial work, I give in and list the song here.
In the folk revival, this song is most commonly sung to the tune of "The Star of the County Down." Most of the tunes in Bronson, however, are not of this type; indeed, the majority are in two, not three. - RBW