The film opens with a comic, almost slapstick quarrel over a dented car, where two men erupt into a fight that quickly spirals into a series of eccentric maneuvers and loud taunts. The whole scene is stage-managed by Fundoo and Bony, who hatch a plan to take the bag from the car without drawing suspicion. They eventually sell the loot to Chandu Bhaiya, the campus con man, and the story widens into a crooked web of schemes and schemes gone wrong.
Fundoo and Bonny have just failed their final year in mechanical engineering, leaving them with no degree and plenty of stubborn pride. Their graduation party, meant to celebrate new jobs, highlights the gulf between their dreams and their reality, and the pair grows both restless and envious of those who have managed to secure steady work. It’s at this moment that they cross paths with the enigmatic Bakchod Baba, a self-styled Robin Hood figure who rails against the failures of capitalism and promises a shortcut to wealth. Baba, seeing raw, unrefined talent, nudges them toward a grander heist: robbing a branch of the college bank and slipping away with a locker full of cash and jewelry worth a staggering sum.
Their plan evolves from a series of improvised ideas into a full-blown heist that involves infiltrating the locker room through water pipes and using a device to cut through the steel floor. To bolster their crew, they recruit a few men through Chandu, including Raju and Bhola. But Fundoo and Bony ultimately decide to go it alone, sidelining the others and focusing on a solo execution that hinges on misdirecting the college’s water supply for 24 hours. The plan is bold but fragile: the water is cut for eight hours, not twenty-four, and when the moment arrives, the stream returns and chaos looms.
Undeterred, they push ahead and manage to slip into the locker room, only to find the dean, known as PMS, there with police officers and a collection of broken lockers. The police quickly arrest Fundoo and Bonny, and they are taken in for questioning by the tenacious officer Bobby. It’s revealed that Bobby, a fellow mechanical engineering student herself, is determined to succeed in her professional life and in her personal life with her husband Rajat. She uses a brutal interrogation method to extract information, and the tension between the two sides deepens as the weight of the conspiracy tightens around them.
PMS informs Netaji about the robbery and the missing Kohinoor, a discovery that triggers a dangerous alliance. Netaji, wary of his political image, enlists the help of ex-commando Lovely Singh Lovely Singh to retrieve the stolen items and bring the culprits to heel. The investigation spirals outward as the police arrest Chandu again, only to learn that there are larger players involved. Meanwhile, Bholu and Raju contact their boss Baalu Bhaiya, and a web of debts and loyalties emerges. Baalu Bhaiya orders a confrontation at Sapna’s farmhouse, where Sapna, the girlfriend of both Bholu and Raju, becomes a focal point in the power play.
A tense chase leads to a chaotic shootout, and Sapna becomes an unwilling pawn as Bholu and Raju try to protect her while the bag is inadvertently handed off. Lovely continues his search for the missing loot, interrogates more players, and eventually tracks Sapna to the old farmhouse. When Sapna is captured or questioned, Lovely closes in, but not before more secrets bubble to the surface. The police corner Raju and Bhola and place them behind bars, and Baba, who is still pursuing his own version of justice, offers a deal to reveal the whereabouts of the Kohinoor.
In the meantime, Fundoo and Bony, released on bail with Baba’s help, press on with their own plans. Lovely’s investigations eventually point toward a hidden lab operated by Akhand Bharat Sansthan, a company whose nefarious activities have far-reaching consequences. As the police tighten the net, the truth about the Kohinoor emerges: what was thought to be a precious gem is, in fact, a diary that contains records of money given to a union minister and a chemical formula used to addict people through everyday products.
Bobby, armed with this new evidence, confronts PMS and uncovers the location of the lab in Gorakhpur. Rajat, Bobby’s partner in life, discovers a fertility report that reveals Rajat’s inability to father a child, adding a personal twist to the investigation. The truth reaches the trio’s enemies as Baba, still very much alive, decides to unleash his full force in a bid for revenge against Lovely. The moment arrives as Fundoo and Bony enter the lab under the influence of a toxic biochemical that knocks them off balance, causing vivid hallucinations.
Just in time, Baba appears to intercept Lovely, saving Fundoo and Bony while taking fire himself. The chase culminates in a dramatic confrontation that ends with Baba’s victory over Lovely, a personal vendetta resolved in the heat of the moment. With the danger subsiding, Fundoo and Bony retrieve the so-called Kohinoor—a diary that contains the truth about Akhand Bharat Sansthan’s operations and the money that changed hands at high levels.
Back at the center of the storm, Bobby uses the diary to demand action against the mastermind, while the investigation exposes the corporation’s abusive practices. Baba’s own status shifts from mercenary to hero as public exposure follows. The final chapters reveal that Baba, Fundoo, and Bony have profited from clever market manipulation by short-selling shares of Akhand Bharat, finding a path to wealth even as the truth comes to light. Bobby’s life takes a personal turn as she delivers a baby girl, and the trio ends their tumultuous journey by sharing a moment of respite and camaraderie in a tranquil pool, content that they have survived the chaos and earned their place in the aftermath.
