Jai (Sanjay Dutt) and Veeru (Govinda (actor)) 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 on 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 (Rajat Bedi) and they by accident kill him in a night club. While on the run, Jai and Veeru meet Vikram Jeet (Aashif Sheikh), an Non-resident Indian and person of Indian origin, who is on his way to work as a manager, in Goa, for Rai Bahadur (Anupam Kher), a wealthy businessman who owns a beer factory.