Ishqiya opens with Vidyadhar Verma trying to persuade his wife, Krishna Verma, to convince her husband to surrender to authorities. Tragically, he agrees but soon dies in a gas explosion, setting off a chain of events. Two small-time criminals, Khalujaan, played by Naseeruddin Shah, and Babban Hussain, portrayed by Arshad Warsi, steal a sum of Rs 20 Lakhs and manage to escape from their boss, Mushtaq (Salman Shahid), who is based in Lucknow and is determined to recover his money. Khalujaan considers killing Mushtaq but refrains, fearing it would destroy his own sister’s household, and they head towards Gorakhpur in Uttar Pradesh seeking refuge.
Their plan hits a snag when they discover that Vidyadhar Verma is no longer alive, prompting them to seek shelter with his widow, Krishna. She is an attractive woman who tries to seduce both men — Khalujaan is captivated by her gentle voice and songs, while Babban is only interested in lust. Meanwhile, Khalujaan secretly hides the stolen money in Krishna's attic. Babban befriends a young boy named Nandu (Alok Kumar), who is knowledgeable about guns and offers to repair Babban's Tamancha rifle within minutes, demonstrating his impressive skills.
Soon, Mushtaq locates them, capturing and torturing the duo to force them to return the stolen cash. When they attempt to retrieve the money, they find it missing, raising suspicion of Krishna stealing the bag. This incites love and confusion, as both Khalujaan and Babban find themselves drawn to Krishna, each secretly hoping for her affection. Krishna manipulates both, luring Khalujaan with romantic gestures and Babban through raw sexuality.
She then plots with them to kidnap Kamalkant Kakkar, or KK, a small businessman believed to have enough money to pay a hefty ransom that could clear Mushtaq’s debt. Krishna asserts that KK has enough wealth but isn't wealthy enough to attract undue attention, making him an ideal target for the kidnappers, who are desperate to escape Mushtaq’s reach. Reluctantly, Khalujaan and Babban agree to this plan.
As the story unfolds, the romantic tension grows. Khalujaan and Babban, both falling for Krishna, keep their feelings hidden from each other, although Babban eventually seduces Krishna and they share a night of intimacy. Khalujaan, trying to confess his love, is shocked when he discovers Krishna and Babban dancing together after their night together. Though angry at first, Khalujaan chooses to remain silent.
The kidnapping plan encounters complications when KK notices something suspicious and senses danger. Babban, pretending to be a police officer, attempts to stop KK's car, but KK escapes, leading to a chase that ends with his vehicle plunging into a ditch. During this chaos, Krishna manages to drive KK away, and the trio begins to suspect Krishna may have her own hidden agenda.
Krishna’s interrogation reveals shocking truths: she tortures KK and demands to know where Vidyadhar Verma (her supposedly dead husband) is hiding. She confesses that Verma might still be alive. This revelation leads to a confrontation where Krishna admits that she was merely using them all along. She offers a deal—return the stolen money plus a bribe of 5 Lakhs to Mushtaq, revealing that KK and Verma were involved in arms smuggling from Nepal and that Verma is alive.
The duo finds KK in the basement of Krishna’s house, where he claims he never knew Verma. They demand a ransom of 2.5 Crores, leading KK to contact his wife, who is at a parlor—unaware she is being watched, as her conversation is overheard by KK’s mistress. The plan is to recover the ransom from KK’s factory, and unexpectedly, they encounter Verma, who was believed to be dead but was hiding in a different location.
Verma's men then abduct Khalujaan and Babban, blindfolding them and driving them to a remote spot. When they remove the blindfolds, they find Nandu, the young boy with gun skills, pointing a weapon at them. Nandu explains that Verma faked his death to escape criminal life, killing his wife in the process and adopting a new identity, believing that he would be free from the law.
Hurrying back to Krishna’s house, Khalujaan and Babban find her tied up, having set a trap. Krishna, in a desperate move, tries to kill herself by igniting a gas leak, but Verma intervenes. A shootout ensues as Verma's goons are killed, and Verma himself dies in a gas explosion. The police arrive later, following their case, and shoot the remaining goons.
In the aftermath, Krishna is saved, and the three walk away from the burning house, suggesting hope for a new beginning. However, the story ends with uncertainty as Mushtaq (the boss) is seen pointing a gun at them, with his wife’s call overheard through his gun’s barrel, leaving their fate ambiguous. It hints that Mushtaq may still be after them, and their future remains uncertain.
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