Keshav is a highly respected and well-known astrologer who shares a quiet life with his father, his wife, and his young daughter. Within the family, there is a cherished heirloom: a distinctive yellow bicycle. This bicycle had originally been acquired by Keshav's grandfather from an Englishman and was bequeathed to Keshav as a precious inheritance before the grandfather passed away. Because of this sentimental history, Keshav is incredibly possessive of the cycle, treating it with extreme care; in fact, the only person he ever allows to ride it is his own daughter. The child's innocence is highlighted when she wonders aloud if the bicycle might eventually get bored of being locked up every single night and decide to simply fly away.
One evening, in a sudden rush to attend a local play, Keshav makes the mistake of leaving his beloved bicycle outside his house. Seizing the opportunity, two opportunistic thieves—who had just finished looting a nearby mansion—steal the yellow cycle to facilitate a quick escape from the scene of their crime. The loss hits Keshav deeply; his distress is so overwhelming that he finds himself completely unable to provide any astrological guidance or advice to those who seek it. Driven by a need to recover his possession, he sets out on a determined journey to find his missing cycle.
As the thieves travel through various nearby villages, the unique appearance of the yellow bicycle makes it instantly recognizable to the locals as belonging to Keshav. To avoid suspicion and deflect probing questions, the thieves cleverly pretend to be Keshav's paternal cousins. Ironically, because Keshav has built such a stellar reputation as a helpful and virtuous man, the thieves find themselves benefiting from his kindness. They are offered free tea from a street vendor, provided a lavish feast in a private home, and are even invited to serve as the chief guests at a school event.
However, the thieves' luck soon turns. After they accidentally lose their bag of stolen goods, they begin to feel a sense of guilt and superstition. They fear that stealing from a man as trusted and pure as Keshav has brought a curse of bad luck upon them. Overcome by this feeling, they decide to abandon the bicycle in a village, leaving behind a letter for Keshav. In this letter, they detail the heartwarming interactions they had with the local people, all of whom were eager to help them simply because of their perceived connection to Keshav.
Parallel to the thieves' journey, Keshav's own search leads him to an encounter with a man who has suffered a devastating loss. Despite having lost his home, the man maintains a remarkably optimistic outlook on life, explaining that he draws his strength from the astrological advice Keshav had given him in the past. This encounter serves as a turning point for Keshav, forcing him to reflect on the nature of attachment and the material value of his bicycle compared to the impact he has on others.
Upon eventually locating his bicycle in the next village, Keshav undergoes a change of heart and decides to give the cycle away. When he finally returns home, he is greeted by his friends and family, who claim they have found his bicycle nearby. Upon inspecting the bike, he rubs the frame and discovers fresh paint on his fingers, realizing the bike his family found is a replica. Rather than being upset, he simply smiles and gestures to his daughter, confirming her childhood theory that the original yellow bicycle had finally flown away.
