Siddharth (Aamir Khan) is a Mumbai Tapori and a boxing champion. His elder brother, Jai (Rajit Kapoor) works with Raunak Singh (Sharad Saxena), who now rules their basti through terrorising its people and collecting hafta from local merchants. Siddharth idolized his father, a freedom fighter, whom he saw falling to his death as a child. This affects Siddharth through his adult life.
Siddharth meets a young girl, Alisha (Ranee Mukherjee), who rides with a motorcycle gang and Charlie (Deepak Tijori), the gang leader. Siddharth also meets Hari, whose idealism reminds him of his father. Hari's social work in the community, possess a threat to Raunak Singh's evil empire. What happens to Hari changes Siddharth's life forever.
How Siddharth breaks Raunak Singh's chains of ghulami around the community forms the crux of the story.