Ronny is dating an upcoming model Sonia Bipasha Basu , while his personal assistant Sophia Katrina Kaif appears to be secretly in love with him. Ronny is also involved in an intense competition with a rival horse-owner Kabir Dalip Tahil. The film opens with a murder plot involving a car accident which Ronny narrowly survives. When Ronny loses money in a race because his jockey had been bribed by Kabir, Ronny plants a bomb in the jockey's car and kills him, showing Ronny to be a ruthless businessman.
Later, Ronny also destroys Kabir when the latter offers him money to buy his business, which is in debt. In a drunken stupor, Rajiv confesses to Ronny that he likes Sonia and that he would quit drinking if he could spend his life with a woman like her.
Ronny immediately stops dating Sonia so that Rajiv can have her. Rajiv and Sonia begin dating and appear happy until, in a twist, Rajiv reveals he knows of Sonia's shady past and has a plan to use Sonia to his advantage. Rajiv reveals that his father had secured identical life-insurance policies for huge sums on each of the sons. They pretend to get married and Rajiv ignores Sonia in this fake-marriage while continuing to play an alcoholic.
As per his instructions, Sonia seduces Ronny who confesses he loved her all along. Rajiv reveals the rest of his plan: However, it turns out Ronny was aware of the plan all along as Sonia had been keeping him updated, having always been in league with him.
They then plan to apparently kill Rajiv, using his own plan against him. Things go according to plan but Sonia double-crosses Ronny and pushes him off, saying she loved him, but the money was more important.
Inspector RD appears at this point to investigate the death, accompanied by his idiotic assistant Mini Sameera Reddy. Upon his arrival, he immediately suspects foul-play in the death. During his investigation, Ronny's assistant Sophia reveals that she was married to Ronny and produces a legitimate marriage certificate. Sonia is shocked that their plan has been thwarted as Sophia is now the heir to the insurance money. In another twist, Sophia was in on the plan all along and is Rajiv's secret collaborator.
Rajiv plans to bump off Sonia after he and Sophia get the insurance money. However, RD figures out during his investigation that Sophia and Rajiv had faked her marriage with Ranvir and that he had been tricked into signing the marriage certificate.
Rajiv hires the same hitman who had attempted to murder Ronny at the beginning to kill Sonia, revealing that he had been behind the first murder attempt, too. Sonia is lured into following Rajiv and Sophia to a parking lot where the hitman attacks her. Just as the hitman is about to kill her, Ronny reappears and rescues her, killing the hitman in the process.
Later, when Rajiv and Sophia plan to celebrate, Ronny appears and confronts them. He explains that he had overheard Rajiv discussing the failed murder attempt with the hitman and had been playing along the whole time so he could get the insurance money from his own fake-death along with the insurance money from killing Rajiv.
Discovering that Rajiv's hatred towards him as a step brother was his main reason for doing this, he allows Rajiv one last chance to win by agreeing to a car race. Ranvir shows up to the race in a sports car, whilst Rajiv doesn't. When Rajiv protests, he switches cars with Ranvir. This turns out to be a trick as Rajiv had tampered with the brakes on his own car.
This causes Rajiv to crash into a petroleum tank, killing him and Sophia, who had been riding with him. Ronny narrowly escapes death himself. Ronny then says that there was no bomb in the car, and that Rajiv had "killed himself".
In the end, Ronny collects the insurance money from Rajiv and Sophia's death, along with the money from his own fake-death. Upon fleeing the city, he is stopped by Inspector RD, who had been in on the plan, too, and had helped Ronny fake his death and get the insurance money. The bomb does not detonate, and Ronny reveals that it was a mere precaution to see if RD would try to betray him and take all the money.
Ranvir rewards RD for his relative honesty by allowing him to live, and the two drive off in opposite directions while RD hopes to never meet him again. A private detective with the deceptive air of an idiot.
He is constantly eating fruits while solving a case. He is sharp, resourceful and quick. His appearance in the story thickens the plot as he unravels one lie after the other.
The older of the two brothers and a ruthless businessman who will stop at nothing to win the game. Playing with danger is his passion and outsmarting his opponent is his pastime. His story is continued in Race 2. Akshaye Khanna as Rajeev Singh: The younger of the two brothers and a spoilt, laid back and happy man.
But underneath the surface lurks an anger which he tries to control with liquor. The anger and liquor get the better of him and end up controlling him and he always loses everything. Bipasha Basu as Sonia: A glamorous model with a shady past. She is looking for a man who will keep her in his heart, hoping that it will be one of the brothers, before being secretly in love with Ranvir. Katrina Kaif as Sophia: Ranvir Singh's secretary who shadows him around managing all his important matters.
She is indispensable to Ranvir who trusts her completely but does not reciprocate her love. Sophia then dates Ranvir's brother, Rajiv. Sameera Reddy as Mini: The attractive assistant of Robert D'Costa who is idiotic. She constantly asks stupid questions and is forever relegated to cutting fruits or doing menial jobs for her boss.
Dalip Tahil as Kabir Ahuja: Ranvir's rival in horse races and business. Johnny Lever special appearance as Max: The marriage bureau chief who provides comic relief and a vital clue which leads to solving the case. Kiku Sharda as Sam: The servant in the horse stable.