Raees, played by Shah Rukh Khan, hails from Fatehpur, Gujarat, where he becomes embroiled in the illegal liquor trade at a young age. Partnering with Sadiq (Mohammed Zeeshan Ayyub), Raees works under the infamous gangster Jairaj (Atul Kulkarni), engaging in alcohol smuggling by bribing police officials. Despite his involvement in crime, Raees adheres to his mother's teachings (Sheeba Chaddha) that all professions are valuable and no religion surpasses the dignity of work, as long as it causes no harm.
Determined to break free from Jairaj's control, Raees decides to go solo, feeling that he does all the hard work while Jairaj reaps the rewards. However, when Raees approaches Jairaj about his plans, he is insulted and told he lacks the necessary funds to start his own enterprise, with Jairaj giving him just 72 hours to gather the cash needed to purchase liquor from him.
In a bid to raise money, Raees attempts goat sales in Mumbai, where he encounters Musabhai (Narendra Jha) and Nawab (Jaideep Ahlawat), who agree to support his ambitions. With their help, he embarks on a bootlegging venture and decides to buy liquor directly from Jairaj’s suppliers, sidelining his former boss. Meanwhile, the honest police officer J. A. Majmudar (Nawazuddin Siddiqui) is intent on putting an end to the illegal liquor trade.
Amidst this turmoil, Raees falls in love with Aasiya (Mahira Khan), who happily accepts his marriage proposal. Shortly after their marriage, Majmudar is assigned to Fatehpur, launching a harsh campaign against illegal liquor dealers, compelling them to collaborate—with the exception of Raees. Despite Majmudar's efforts to gather information about Raees' activities, Raees skillfully evades capture while continuing his illicit operations.
Tensions escalate as Jairaj, feeling threatened by Raees' growing independence, plots to have him killed. But thanks to Musa's warning, Raees manages to survive an assassination attempt, leading him to kill Jairaj and his henchmen at a bar. This act shatters Raees' guiding philosophy.
As the narrative unfolds, Majmudar is transferred from Fatehpur to Kutch, creating further complications. However, the Chief Minister (Pramod Pathak) and Pashabhai (Uday Tikekar) see Raees as a valuable ally, providing him with support in terms of liquor and finances. Raees leverages his wealth and cunning to gain favour with the authorities, even empowering women in his community by providing jobs sewing cloth bags for smuggling purposes.
When Aasiya gives birth to a baby boy, Raees is offered an opportunity to lead a housing project. As Raees envisions a brighter future for his community with abundant opportunities and a flourishing environment, he encourages local residents to invest in a better tomorrow through affordable housing.
However, Majmudar's return to Fatehpur as the head of the crime unit brings renewed pressure on Raees. Amid growing civil unrest, Raees distributes free food throughout the city, heavily impacting his finances. The Chief Minister views him as a threat to his political agenda, shutting down Raees' housing development.
As Raees struggles to maintain his empire amidst the economic downturn and rising tensions, Moosa steps in with an offer to smuggle gold from Doha. Though he repays his housing investors, tragedy strikes when Raees discovers the smuggled gold is laced with explosive RDX, unexpectedly implicating him in a series of devastating bomb blasts.
Confronted with the consequences of his actions and now regarded as a target by Majmudar, Raees finds himself morally crushed. After feeling betrayed by Moosa—who played a role in the chaos—Raees retaliates by taking Moosa's life. Under orders to shoot Raees on sight, Majmudar ultimately takes him to a secluded area, where he confronts Raees. As Majmudar pulls the trigger, Raees experiences a poignant flashback, reflecting on the trajectory of his life as he succumbs to his fate.
