Hera Pheri is a story about innocent desires and desperate actions. Shyam (Sunil Shetty) comes to town expecting to get a job as a bank employee. His father who had worked at the bank had died in a fire accident and the bank has promised to give Shyam a job as compensation. When Shyam inquires about the job, the bank manager tells him that there is a complication because Anuradha Panikar's (Tabu) father had also died in the fire accident and that she wants the job at the bank too. Shyam decides to wait in town until he receives further notice from the bank. He finds some accommodations at Babu Rao's (Paresh Rawal) apartment and meets another guest named Raju (Akshay Kumar). Shyam, Babu Rao and Raju all have big debts and are desperate for money, but they accidentally receive a phone call that gives them an opportunity to make a fortune. Kabira (Gulshan Grover) a known criminal mistakenly calls babu Rao's apartment. Kabira has kidnapped the grand daughter of a big industrialist. The tiro pretend to be the industrialist and they promise to pay the ransom, Then they call the industrialist and pretend to be kabira. They demand twice the amount of money from the industrialist and act as the middleman in a very dangerous game.