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Hera Pheri: Hera Pheri is a comedy of errors and a 'master plan' gone horribly wrong. Phir Hera Pheri: Babu Rao, Raju and Shyam, are living happily after having risen from rags to riches. Still, money brings the joy of riches and with it the greed to make more money - and so, with a don as an unknowing investor, Raju initiates a new game.
Two tenants and a landlord, in desperate need of money, chance upon a ransom call via a cross connection. They hatch a plan to claim the ransom for themselves.
Raju, Shyam and Baburao are living happily after having risen from rags to riches. However, they lose it all after falling victim to a chit fund scam due to their greed for more money. Soon, they find themselves in new mess and encounter eccentric and dangerous characters in their quest for a shortcut to riches again.