The movie story deals with Jai and Veeru are good friends and also partners in crime, thus their friendship is named Jodi No. 1. They first gain the confidence of people and later con them. But soon have to run from Bombay after an encounter with a local Bhai.
Because they end up having a brawl with his younger brother and they by accident kill him in a night club. While on the run, Jai and Veeru meet Vikram Jeet, an NRI, who is on his way to work as a manager, in Goa, for Rai Bahadur, a wealthy businessman who owns a beer factory. Jai pretends to be Vikram Jeet and both he and Veeru move in Rai Bahadur's house intending to be-friend then rob him. However they fall in love with Rai Bahadur's daughters and in a series of hilarious scenes save the family from Sir John.
In the end while Jai is stealing money from Rai to release Veeru from Sir John the entire Rai clan is watching the news and find out that Jai and Veeru are not who they claim to be but con men who deceive people. In the end Rai then lets Jai go with the money to save Veeru and all goes well and they marry the daughters of Rai
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