Veer Kapoor (Fardeen Khan) is a struggling artist who hopes to make it big someday with his rock group but at present is tottering financially. His only source of income is a monthly pocket money of Rs 1 Lakh from his wealthy elder step brother Dharam Kapoor (Sanjay Dutt), for which Veer has told a lie about him being married to Vidya (Mugdha Godse) whereas she is only his girlfriend. His best friend is Prem Chopra (Ajay Devgn), who is married to Jhanvi (Bipasha Basu). Jhanvi runs a broken down gymnasium owned by Prem's family and Prem spends his time mechanically modifying cars.

Veer and Prem require a sum of Rs. 5 Lakhs to register Prem's car for an illegal race (if they win they will get 50 lakhs)- which he and Prem borrow from a local mute loan shark Tobu (Johnny Lever) after showing him a car designed by Prem which Prem assures him cannot lose. Impressed by this vehicle, Tobu in addition to lending Prem and Veer 5 Lakhs, also invests 5 Lakhs of his own on Prem. Prem loses the race and ends up owing a sum of 10 Lakhs to Tobu which should be paid within a week.

Prem decides to rent out Veer's bungalow to a local slum dweller RGV (Sanjai Mishra) who has won a lottery and collects an advance of Rs 2.5 Lakhs. However everything gets into a muddle when Dharam Kapoor is stranded in Goa Airport during his journey to Lushoto in Africa and insists on catching up with his younger brother.

Since Vidya had a fight with Veer and is temporarily unavailable, after some confusion when Veer and Dharam land back home from the Airport. Dharam sees Jhanvi and takes her for Vidya, and later when he sees Vidya, Prem and Veer tell him she is Jhanvi who is Prem's girlfriend. Jhanvi pretends to be Vidya, Veer's wife and Vidya pretends to be Jhanvi, Prem's girlfriend. Things get into a deeper muddle with regular visits from the new tenant RGV, Tobu and his thugs and finally by a princess of Lushoto (Bipasha Basu in a double role).