Guddu and Charlie are identical twins born and raised in the slums of Mumbai. They dream of leaving the squalor behind and moving into a life of prosperity and dignity. Though they look alike, the two are as different as chalk and cheese: one lisps while the other stammers; one is an honest, diligent social worker while the other hedges bets at a racecourse. The brothers want nothing to do with each other, but when Charlie gets mixed up in a deadly get-rich-quick scheme and Guddu realizes that the love of his life has unwittingly put a price on his head, their lives begin to collide. Faced with rogue politicians, drug dealers and crooked cops, they uncover a sinister plot laid out by the 'political-police-underworld' nexus. Their stories finally converge to a point when they realize they only have each other.

In March 1993, after his Ambassador car is being fished out of water, Assistant Commissioner of Police Agnel Wilson narrates to the Commissioner how he commenced his investigation against underworld gangster Sultan Mirza. He details how Sultan survived floods in Madras shortly after Independence; his arrival in Bombay; and his employment which earned him a mere 25 Paisa daily. Agnel's attempts to rein in Sultan fail, but he keeps tabs on him and his romance with Bollywood actress Rehana, as well as his new recruit Shoaib, the son of Sub-Inspector Khan. Agnel will find his investigation slipping out of his hands after Sultan temporarily delegates complete responsibility to Shoaib.

Om Prakash Makhija is a Junior Artist in the 1970s Hindi film industry and in love with actress Shantipriya. Om rescues Shanti from an out-of-control fire scene and they become friends. His hopes seem to be coming true--until he finds out that she's married to film producer Mukesh Mehra and expecting his child. He then watches in horror as Mukesh, after luring her into an abandoned studio, sets it afire to prevent a financial loss and protect his career. Om attempts--unsuccessfully--to rescue her and eventually dies himself. 30 years later, Om has been reincarnated as the only son of Bollywood actor Rajesh Kapoor, and is himself an actor. His memories start to return when he meets his widowed mother Bela, from his previous life. He also meets Mukesh and they decide to make a movie, 'Om Shanti Om'. Om hires a look-alike of Shantipriya and hopes to force a confession from Mukesh, but things go awry and Om finds his life endangered once again.

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