Diamonds worth ten crores are stolen from dangerous Don, Papa. The diamonds accidentally fall in the hands of young love birds - Chandu (Upen Patel) and Chandni (Tanisha), who quickly hide them in a car. Papa and his idiotic henchmen Albert (Vrijesh Hirjee) and Pinto (Manoj Pahva) are desperately hunting for the diamonds while hot headed police office Mayavati Chautala (Neetu Chandra is on the prowl looking for offenders of any kind.

Enter the first Laxmi Narayan (Tusshar Kapoor). He's from a khandani mafia family and his mother prays that with a few murders under his belt, he will be settled for life. After bitching up badly in his early attempts, he's got a final chance to redeem himself as a Bhai. He comes to hotel Blue Diamond, Pondicherry because he's taken supari to bump off Papa (Mukesh Tiwari).

Enter the second Laxmi Narayan (Suniel Shetty). He's an MBA from Darjeeling and lives his professional life by following two simple rules - 1) The boss is always right. 2) If the boss is wrong, follow rule number 1.

He is sent to Hotel Blue Diamond, Pondicherry to collect a new car for his boss from Laila (Sameera Reddy).

The third Laxmi Narayan (Paresh Rawal) is a hawker who has made so much money selling underwear on the footpath that he has set up a lingerie factory for his son. His son sends him to Hotel Blue Diamond, Pondicherry to collect lingerie samples from upcoming designer Jiya (Esha Deol).

Three Laxmi Narayans are at the same place at the same time. Three Laxmi Narayans waiting for messages at the hotel reception desk. Three Laxmi Narayans getting letter and photographs meant for the other. First Laxmi Narayan gets lingerie designer Jiya's photo and goes to kill her, only to end up as her hero. Second Laxmi Narayan gets Papa's photo and goes to collect the car from him, only to be mistaken for a killer and gets beaten black and blue. Third Laxmi Narayan gets Laila's photo and asks her to show him her underwear, only to be branded an old pervert.

Meanwhile Chandu and Chandni are determined to stop anybody from buying the car where they have hidden the diamonds. But Laila has to sell the car to save her showroom. And Jiya has to sell her designs to save herself from lecherous Mende's clutches. A case of not one mistaken identity but three! A crazy bunch of people doing the wrong things for the right reason!