The film opens on a dark Mumbai night as the crime lord Tatya Vinchu, Dilip Prabhavalkar, and his loyal sidekick Kubdya Khavis, Bipin Varti, close in on the cave of a wandering magician named Baba Chamatkar, Raghavendra Kadkol. Tatya Vinchu demands the enigmatic Mrityunjay Mantra, a voodoo-like chant that can transfer a chanter’s soul into any living or non-living object, and Baba Chamatkar, fearing for his safety, reluctantly hands over the mantra. The moment Tatya Vinchu clutches the chant, a tense pursuit erupts as CID Inspector Mahesh Jadhav, Mahesh Kothare, raids the magician’s warehouse. Tatya Vinchu and Kubdya Khavis flee and duck into a nearby post office, where a brutal confrontation unfolds. Mahesh’s gunfire ends Tatya Vinchu’s life in the chest, but with his last breath Tatya Vinchu discovers a ventriloquist’s puppet lying in the post office and uses Baba Chamatkar’s mantra to transfer his soul into that puppet. Kubdya Khavis is arrested, and Mahesh believes Tatya Vinchu is finally dead.
A few days later, Superintendent Jairam Ghatge, Jairam Kulkarni, is transferred to the village of Shrirangpur, Maharashtra. At the same time, his daughter Gauri, Kishori Ambiye, arrives from the USA to pursue a PhD in criminal psychology. In Shrirangpur, Lakshya—Laxmikant Bolke, Laxmikant Berde—lives with his widowed mother, Paro Mami, Madhu Kambikar, and runs a small shop. He is something of an artist with ventriloquism and is romantically involved with Aavdi, the daughter of Constable Tukaram, while Constable Sakharam (the local officer) has fixed Aavdi’s marriage against her wishes. Gauri, meanwhile, sends Lakshya a puppet from the USA, a gift that turns out to be the very same puppet Tatya Vinchu inhabits. Lakshya initially treats the puppet as a curious prop or perhaps an audio tape recorder, unaware of the danger it carries.
Trouble escalates when Lakshya’s landlord, Dhanajirao Dhanavte, publicly insults him via puppetry and confiscates all Lakshya’s furniture—including the puppet—under the pretext of unpaid rent. Lakshya storms into the warehouse to retrieve his belongings, only to have Tatya Vinchu reveal his true identity to Dhanajirao and threaten him with a sickle. The terrified landlord collapses dead from heart failure, and Lakshya arrives moments later to discover Dhanajirao dead and the puppet alive with a shadow of menace. Mahesh arrives with Gauri and arrests Lakshya, who insists he is innocent and that Tatya Vinchu is the killer. In a tight turn of events, postmortem reports prove Lakshya’s innocence, and he is released.
Meanwhile, Tatya Vinchu’s puppet travels to Mumbai to consult Baba Chamatkar once more, seeking instructions on how to migrate into a human host. Baba Chamatkar tells him the grim truth: to switch bodies, Tatya Vinchu must enter the body of the person to whom he has confessed first, and that person is Lakshya. With this revelation, Tatya Vinchu returns to Shrirangpur during the Holi festival, intent on possessing Lakshya. Lakshya fortifies his home, locking Tatya Vinchu inside a closet. In the meantime, Aavdi inters the puppet for safekeeping, burying it underground at Gauri’s house; yet Tatya Vinchu digs his way out and resumes his hunt. Tukaram and Sakharam, misreading Lakshya’s behavior as madness, have him taken to a mental hospital in Shrirangpur.
That night, Gauri brings the puppet to her home and Tatya Vinchu, now revealed in his true form, attacks Gauri. She escapes and seeks help from Mahesh, who tracks the trail to Baba Chamatkar’s cave and learns the devastating weakness: Tatya Vinchu can be killed by a precise shot right between his two eyebrows. Tatya Vinchu, undeterred, attempts to slip into the mental hospital to reach Lakshya, but Mahesh and Gauri intervene just in time. The climactic confrontation unfolds when Tatya Vinchu and Kubdya Khavis storm Lakshya’s house. Mahesh fights to reach the rooftop, where Tatya Vinchu corners him and tries to finish the duel with a final incantation, but Mahesh regains his footing, shoots Tatya Vinchu between the eyebrows, and the puppet collapses lifeless to the ground. Kubdya Khavis is arrested again, and the town breathes a cautious relief.
With Tatya Vinchu defeated, the families settle into a hopeful future: Lakshya is set to marry Aavdi, and Mahesh is arranged to wed Gauri, with the agreements supported by Tukaram and Jairam. In a final nod to Lakshya’s craft, renowned ventriloquist Ramdas Padhye, Ramdas Padhye, presents the young man with a new puppet as a bravery award. The closing image captures Lakshya’s mix of pride and lingering fear of puppets, a light touch of humor to cap a tense battle against a malevolent soul.
