Phir Hera Pheri

Three wealthy men—Raju, Shyam, and Baburao—live in a gleaming mansion and nurse personal losses. A chance encounter with con artist Anuradha Munjal promises a shortcut to wealth by doubling their money in 21 days. They pool together ₹1 crore from different sources to take the gamble.

The glittering wager spirals into a ruinous trap. Weeks pass and the con leaves them financially ruined; their bungalow is gone and they are forced to retreat to a crowded chawl. They realize the promised returns were a setup that can't be redeemed.

Pappu arrives at the bungalow to reclaim his share, only to find it now houses a Parsi gun collector. The debt from the feared Tiwari tightens the noose, pulling the trio deeper into danger. The stakes rise as they confront the consequences of the failed scam.

With debt collectors pressing, the trio becomes fugitives in their own city. They move through the underbelly and crowded streets to dodge Tiwari's goons who close in on them. The dream of a quick fortune has turned into a survival game.

They meet Anjali, the chawl accountant's daughter, who is entangled in Pappu's troubles. They learn she is Pappu's sister and that she has been kidnapped by Tiwari's men to force repayment. This connection makes the trio more determined to intervene.

Raju, Shyam, and Baburao decide to intervene and rescue Anjali. They hatch a plan to raise ₹40 lakh in three days, turning their crisis into a high-stakes heist. The clock is ticking as they move to gather funds.

Raju overhears Munna Bhai plotting to steal drugs from Nanji Bhai, and Pappu's gang shifts toward stealing a collection of 15 antique guns from a Parsi gun collector. The trio considers swapping drugs for cash to settle debts and buy time.

The money in their possession moves into diamonds and is hidden under a circus train decoration nicknamed 'Kook-Doo-Koo.' Anuradha reveals the entire scheme was hatched by Chhota Chetan to take revenge on the trio, tying Anuradha's involvement to the past.

The Great Royal Circus becomes the stage for the ultimate exchange of fake banknotes, real guns, diamonds, and drugs. The chase is chaotic, with a rogue gorilla adding to the mayhem as the police close in.

Police move in and arrest Tiwari, Nanji Bhai, Pappu, Munna Bhai, Chhota Chetan, and the Parsi gun collector. The trio and the women they care about narrowly escape with Anjali, Anuradha, and her niece by their side.

Raju slips away with Pappu’s cellphone and the guns, unaware of their true value. Baburao warns him from a payphone, hinting at trouble still to come as they drift apart.

The film closes on a tense cliffhanger: Raju stands on the edge of a bridge, the ringing phone clenched in his mouth, while the fate of the guns and the loot remains unresolved. The audience is left wondering what comes next.