The series stars Akshay Kumar, Sunil Shetty and Paresh Rawal in lead roles.
The trio falls into hilarious situations that usually involve Raju instigating Shyam and purposefully trying to create a tandem that Baburao, fondly called as Babu Bhaiyya has to resolve.
Anuradha prepares a job resignation meanwhile and gives it to Shyam, who in return tears it up because of her mentally ailing mother and the debts to be paid to the debtors.
Their life takes an unexpected turn when they get a call from Kabeera (Gulshan Grover) which is a wrong number actually meant for the owner of Star fisheries, Mr. Devi Prasad (Kulbhushan Kharbanda).
Kabeera, a terrorist cum kidnapper, tells who he thinks is Devi Prasad that his granddaughter is kidnapped and asks for ransom.
The game involves Shyam calling Devi Prasad posing as the kidnappers and asking for double the ransom amount.
In the end, Devi Prasad comes to the trio's rescue and convinces the police that it was all a misunderstanding and saves the three and they go home, and they keep the money.
Hera Pheri ended with the trio of Raju (Akshay Kumar), Shyam (Sunil Shetty), and Babu Bhaiya (Paresh Rawal) rich and rolling in money.
The film opens with a prologue bringing the audience up to date, stating that each has suffered a personal loss despite their new riches.
Raju hears about an idea for doubling his wealth from a con woman, Anuradha (Bipasha Basu), who is claiming to be a bank manager, and she convinces Shyam and Baburao to go along with it.
He convinces a small-time goon, Pappu (Rajpal Yadav) to contribute the remaining balance of ₹20 lakh so that he can come up with the minimum deposit of ₹1 crore, which Anuradha has promised to double.
To make matters worse, they do not even have possession of their bungalow, which Raju had sold off in order to arrange the last bit of money needed, and have to live in a chawl (tenement).
Pappu is now in trouble because he had borrowed money from a lisping but dreaded gangster, Tiwari (Sharat Saxena), who will kill him if he doesn't pay up.
They think that if they can sell them to Kachara Seth (Manoj Joshi) and pay off Tiwari, they can also become rich, but their neighbor once again steals the drugs from them.
They then run into Anuradha and she tells them that the entire scam was hatched by Kabeera (the gangster from the first Hera Pheri) to get revenge on the trio, and that the only reason she went along with it was because they were holding her niece hostage (Anuradha's sister was Kabeera's gang member and part of the first movie's kidnapping plot).
Their money was converted to diamonds to pay the ransom, but she fled with them once she discovered her niece had escaped and hid them under a decoration of a circus float.
When the film came into production after a long time, Rawal and Kumar elected not to reprise their roles as Baburao and Raju, respectively and were replaced by John Abraham, Nana Patekar and Abhishek Bachchan.
However, Vora suffered a massive stroke and was in a coma and later died, throwing the film's future in doubt.
He revealed that the film will be high on VFX and, in his own words, "I am happy that everybody's favourite trio is coming back together again.