1950s in Jaisalmer, Phagun Vidyut Jammwal and Mitwa Amit Sadh are raised together by a man named Chand. When a gun made by Chand is used to kill a criminal's brother, Chand shoots himself to save them, and they set fire to the house and escape, stepping into a life of danger and bonds that will shape everything to come.
At the India–Nepal border, Chaman Sanjay Mishra recruits them as members of the Chaukdi Gang along with Rizwan Vijay Varma and Bahadur Kenny Basumatary. They grow up as bold smugglers moving goods between India and Nepal, forming a tight circle of friends in a treacherous, unsteady alliance.
One day, a powerful gangster orders the gang and his trusted aide Fakira Ankur Vikal to head for Patna and rob a bank, making it look like an act of naxalites. After the heist, a shootout with cops leaves Chaman dead, and the vengeful gang kills the gangster and his henchmen. Fakira later joins the gang and promises to be a loyal friend, while the group helps villagers by beating up a corrupt landlord and providing food, then buys land to secure their illicit operations and future.
Sukanya Shruti Haasan meets Phagun, a college student who works for a political movement, and she falls for him after he fights corrupt cops to save her and an injured party member. The gang later travels to Sukanya's village, but Fakira leaves earlier, setting the stage for shifting loyalties and growing danger.
During a tense night, the gang ends up in a shootout with the cops, which results in torture and arrest. Rizwan and Bahadur are sentenced to seven years, while Mitwa receives four years and Phagun ten years. After a year, Sukanya reveals she was also arrested but left after being assaulted. They marry after Phagun is released and are reunited with Rizwan and Bahadur. The gang grows wary of Fakira as well as Mitwa, who begins working for Shakeel and has left behind a 2-year-old son with Tanuja in Delhi. Following his and Sukanya's marriage, Phagun starts a land business, trying to balance family life with the shadow of their past.
In 1997, JCP Jasjit Singh informs Phagun, Rizwan and Bahadur about Mitwa's capture. Sukanya doesn’t want Phagun involved, but Phagun is determined to help Mitwa and orchestrates a rescue with the help of Tanuja's abusive husband Madan and two other men, who are later killed. Mitwa, who had worked for the Romania-based Durrani, felt underpaid and ran away after stealing money. Phagun returns home to find an effigy inscribed with a message to hand over Mitwa.
The gang is worried and keeps Tanuja at Bahadur's house with her son Tinku, where Shakeel arrives and kills Tanuja and Bahadur. The gang learns of this from Jasjit and kills Shakeel by luring him into a trap with the help of Rizwan's lover. Jasjit thanks Phagun for taking out Shakeel, but still wants him to hand over Mitwa. At a marriage function, Sukanya reveals that Tinku spoke of the killers talking to Durrani, which worries Phagun. An assassin then shoots Rizwan and his married girlfriend Sonya in the restroom.
Willing to end the conflict, Phagun flies to Romania to meet Durrani, where he discovers it is none other than Fakira Ankur Vikal in disguise. Phagun kills Fakira and fights off his guards before escaping back to India, where he privately confers with Jasjit and learns it was Mitwa who gave the gang's names to the police and ultimately served the shortest sentence. Phagun then confronts Mitwa, telling him that he knows about the betrayal. He hands Mitwa a passport and tickets, along with a gun, before Jasjit arrives with his team to arrest the guilt-ridden Mitwa, who finally shoots himself. Back home, Phagun sees Tinku playing piano with his and Sukanya's son Arjun.
