Vijay (Amitabh Bachchan) and Ajay (Vinod Khanna) are two small time crooks, who loot other rich 'respected' but criminal-minded people for a living. One night, while gambling, Vijay recognizes Sheru, a person who has assisted PK (Punchoo Kapoor) in murdering his father. Vijay's tragic past is something that Ajay is unaware of. PK, meanwhile, roams around scot free in the disguise of Ghanshyam Das, pretending to be a friend of Vijay. Later on, Ajay comes to know about his own past and that PK is his dad. He deserts Vijay and joins PK. But has Ajay really started disliking Vijay? Would Vijay find out the reality about PK? What about their friendship? Is it gone forever? Hera-pheri is a entertaining flick coming from the house of Prakash Mehra with good doses of comedy, romance and drama.