Ishqiya is a story of romance between individuals caught in a web of crime, suspense, passion, and deceit. Two thieves, Khalujan (Naseeruddin Shah) and Babban (Arshad Warsi), are on the run from their boss, Mushtaq (Salman Shahid). They seek refuge with an old friend, and instead meet his widow, Krishna (Vidya Balan).

As they plan their escape, their time spent together draws the duo to her, Khalu with his tinted vision of old-fashioned love, and Babban with his lustful eye. The threat of imminent death forces them on a path of violence and betrayal. Set in a rural landscape, Ishqiya explores basic human emotions as influenced by desire, greed and revenge..