"Khiladiyon Ka Khiladi" is about that ruthless game where the prime rule is winner has to survive and looser has to die. Which means winner has to kill his rival to win. This game stops only with the death.
Two brothers Akshay (Akshay Kumar) and Ajay (Inder Kumar) were leading their innocent life in their village. Akshay is an army officer and Ajay a budding musician. But gradually a trap of ill-fate tip-toes around them and they find themselves in clutches of such danger which is of the highest order.
To achieve his ambitions, Ajay along with his four friends goes to America forming a group call "India Group". Everything was going fine. One day Akshay gets a letter from Ajay that he's getting married in America. Akshay happily sets forth for America to attend his brother's wedding.
On the way to America, in the flight he meets Priya (Raveena Tandon) and by the time lane lands in America they fall in love. Priya has come to meet her sister while Akshay has come to America to participate in his brother's wedding. But to Akshay's shock he realizes that his brother is missing and an arrest warrant has been issued for him by American Police. Fury and Fear surge together and Akshay starts searching his brother in this strange city. Only one leads he gets through Ajay's friend that Ajay has join Madam Maya's (Rekha) club leaving their India Group. Maya has taken away Ajay into her very personal orbit and had become a slave. That Madam Maya who along with King Don (Gulshan Grover) play one of the deadliest game on this side of earth. Both of them conduct a fight of their respective fighters and audience stakes money on either of the fighters...bet which goes into lakhs. Now the game is that one fighter has to kill another fighter to win the game. People watching the fight enjoy the sensation of seeing one man getting killed. So Maya's and King Don's business is based on basic animal instinct in human beings. Thought this game by all means... is illegal but Maya is above even American Law.
On the other side, Akashay makes some lesser attempts to reach the unreachable Maya and fails. So finally he starts playing his own game. Dancing to the beat of Maya. Akshay manages to join Maya's brigade gradually he starts coming closer to her. Maya thinks because of love. But Akshay's intentions are to kill her only after finding out where his brother is!!
This starts game within game.. Akshay being with Maya.. Fighting against her posing as a loyal..he's actually finishing all her lieutenants from ruthless this game becomes barbaric. Akshay continues to fight..not even knowing whether his brother Ajay is dead or alive.
(From the official press booklets)