'Hera Pheri' is the story of a con man Ronnie and a con woman Bonny who cheat people for money. But it's gradually revealed that Bonny wants money to build a mental asylum where mentally unstable people like her mother can be treated. On a fateful night years back criminal named Bhagare Shashthi attacked Bata Krishna's jewelry shop and on their way back they had killed Bonny's father and charged young Ronnie of the murder. After the truth is revealed Bonny and Ronnie start working together for money. One day Bata Krishna receives a ransom call from Sashti meant for Haladhar Manna. Signal, Ronnie's aide decides to pose as kidnappers and call Manna. They demand double the amount demanded by kidnappers. After a lot of complications the child is rescued, Ronnie gets the money and Sashti gets killed.
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