Hera- Pheri is a story of laughter and perhaps a tear....... it's a story about innocent desires and the desperate moves. Shyam (Sunil Shetty) comes to town from his village, expecting to get an appointment letter from the bank, where his father was an employee, before he died, in a fire accident. As a compensation, six months back, bank has promised Shyam to give a job but he is still awaiting an appointment. Bank Manager tells him that the difficulty is Anuradha Panikar (Tabbu). Her father also died in the same fire accident and she claims to be right candidate for the job. Shyam, who's already into some major debts, decides to fight out for his right, so he has to stay in town.
Shyam finds a paying guest accommodation at Babu Rao Apte's (Paresh Rawal) House. He's a garage owner and a drunkard and deep down in dept, but with a heart of gold. There's a paying guest who is already a Babu Rao's house....Raju (Akshay Kumar) but has not paid the rent since past two years. He's lied to his mother whom he's kept in ashram, in the same city, that he's a very big businessman in Calcutta and soon he'll take her out of ashram, to a very big apartment. Kharak Sing (Om Puri) who'd given load of thirty thousand rupees to shyam comes from the village chasing Shyam. Kharak sing has to get his sister married and requires that money. Shyam becomes desperate about the job, only to loose it to Anuradha. He would have fought out with the bank authorities but when he sees the condition of Anuradha's house he withdraws, as her conditions seems to be more pitiable with her ailing mother.
But a threat call... a wrong number... which accidently comes, shows them a way to achieve few lakhs. Kabira (Gulshan Grover) a known criminal, has kidnapped the granddaughter of a big industrialist and he demands a ransom on a wrong number by mistake, i.e. Babu Rao's phone. The trio decides to play a game. They pose as the industrial to Kabira and promise to pay the ransom money. They call up the industrial and pose as Kabira and demand double of the ransom, from the industrialist. They become the middle man to earn few lakhs. But unexpectedly when the police gets involved in the case, the whole plans turns risky, their first attempt fails and then, these rather simple beings, dare to make a second attempt. Forced by their respective compulsions and need for money, they do make the second attempt and succeed...
But only to get ditched by Raju...who runs away with the ransom money? What happens to the expectations, desires and dream of these innocent yet desperate trio is the story of Hera-Pheri.