The events of the film take place in Bombay, 1994, and revolve around Ustara, a feared gangster and hitman who kills his targets using a barber's razor. Ismail Khan, an Intelligence Officer had saved Ustara from Jalal, a gangster established in Spain after Ustara killed Jalal's brother a long time ago, has been using Ustara as a covert operative for himself since. Ismail gives Ustara the contract of killing Jayesh Duggal, Jalal's Financer. Ustara finds Duggal in a theatre and takes down a swarm of bald bodyguards. Just as Duggal is about to escape, Ismail enters and kills him. Fed up of working for Ismail, Ustara plans on escaping to Fiji. Ustara then meets Afshan, a widow, who wants him to kill Inspector Pathare, Ansari, Shankar and Jalal. But Ustara refuses and humiliates her.
It is revealed that her childhood love and husband Mamdu, began working in Jalal's gang for money. After Afshan tells him to leave the gang, Mamdu attempts to do so, but, Shankar and Pathare kill him. Advocate Ansari fabricates fake evidence and frames Mamdu as dangerous criminal and Pathare as an honest officer, thus leaving Afshan no choice but to take matters in her own hands.
A few days later, Afshan steals Ustara's gun and unsuccessfully attempts to kill Inspector Pathare at a cafe, but then finds Ansari alone in the cafe washroom and points her gun at him, but Ansari deceives her, grabbing her gun, and as he is about to kill her, Ustara enters and slits his throat.
Ustara, upon seeing her conviction, cancels his plan to escape India and decides to help Afshan. With time Afshan and Ustara bond and he falls in love with her, but as Afshan is scared and reluctant to pursue her quest for revenge further, Ustara motivates her and trains her in combat and shooting. Ismail orders Ustara to help seize Jalal's upcoming drug shipment in Kathmandu, Nepal. Ustara, Afshan and the gang leave for the mission to seize Jalal's docket, but the gang is trapped and caught by Jalal's men, and several of Ustara's gang members are killed. After Afshan helps the gang to escape, Ustara cremates his dead men, and confesses his love to her.
The next day, Ustara finds Afshan missing and Jalal orders his men to double the drug production, as Jayesh Duggal, the financer who could have helped them cope with the losses, had been killed by Ustara as well. Jalal's wife Rabia is revealed to be psychologically unstable after losing her child, for which Jalal considers Ustara responsible. As Jalal has recently suffered a huge loss, and has speeded up the drug work to cope up, Ismail suggests Ustara that it would be a great time to attack Jalal's drug factory and eradicate Jalal's drug empire in India. In return, Ustara asks for Ismail's help to find Afshan.
A few days later, enraged by still not finding Afshan, without consulting Ismail, Ustara singly handedly storms and burns down Jalal's drug factory. Enraged, Jalal orders Pathare and Shankar to kill Ustara within a week. Ismail, worried about what might happen to Ustara orders him to leave the country. Meanwhile, Ustara learns that Afshan has been secretly working with Ismail and has been acting as Pathare's wife under the false name "Rani Sharma" to get close to Shankar. One day, amidst the chaos of Ganesh Chaturthi, Afshan kills Shankar.
Pathare, further enraged by Shankar's death follows Ismail in hope of finding Ustara whenever the two meet. Ismail enters a local train to meet Afshan. Pathare gathers his team on the next station to illegally encounter Ustara. Ustara gets tipped about Ismail and Afshan's meeting and Pathare's plan by his men, and frightened that Afshan's Identity might be revealed to Pathare, he enters the train to warn the two. But before Ustara can explain, the situation heats up and Ustara and Ismail have to act as bait in order to let Afshan escape.
Pathare enters the train, leading to a shootout in which both Ismail and Ustara are shot brutally injured. Pathare takes his wife Afshan "Rani Sharma" to Jalal's Carnival in Portugal for Honeymoon. There, she tries to kill Jalal but gets caught, as Pathare had found her Id from Ismail's pocket during the shootout and knew her true identity all along. Jalal then forces Afshan to kill Pathare for his mess ups, and then imprisons her.
A few months later, Ustara invades Jalal's palace, and encounters Rabia while killing his bodyguards. It is revealed that a few years ago, it was the then pregnant Rabia, who informed Jalal's terrorism plans with the ISI to Ismail, however she had got caught by Jalal's brother Mohsin and had accidentally shot him dead in the commotion. The trauma caused Rabia to lose her unborn baby in a stillbirth. In order to save her, Ustara had taken the blame and had fled with Ismail's help. In the present, Rabia sides with Ustara out of gratitude and hands over the keys and directions to Afshan's cell. Rabia flees the scene and arrives at Jalal's bullfighting arena, while Ustara reunites with Afshan and subsequently kills Jalal's men in a shootout, then enter the arena with his gang members.
One of Jalal's henchmen who had survived Ustara's ambush informs him about Rabia's truth on a phone, and enraged Jalal confronts the unstable Rabia and beheads her. In the arena, Ustara and Jalal fight, and Ustara brutally injures Jalal with his razors, and Afshan takes his life with a sword.
The film ends with Afshan becoming a classical music teacher like her father and a hospitalized Ismail reminding Ustara that until all drug lords like Jalal are finished, Ustara shall always dance on his orders.
