Ajay and Vijay are young sons of a highly principled school teacher. Their quiet neighborhood is suddenly disturbed by a pack of smugglers who introduce dancing girls, drinking bouts and all elements of wickedness with has everyone in the locality up in arms. After being defied by 'bastiwallas' led by the school-master, the smugglers set fire to their houses. The school-master, the smugglers set fire to their houses. The school-master and his wife die, their sons Ajay and Vijay in seeking their revenge against the smugglers, get separated forever. Ajay grows up into a handsome young man, gay, fancy-free but a gallant champion of the cause of the poor. He loots the smugglers to help the needy ones, and in this work, he is aided by two daring assistants, Popat and Neelam. The latter is madly in love with him, but Vijay refuses to respond to her love. Vijay's principal is Seth Chimanlal who has his hand in every big crime. But whatever he and his gang plan, there is always Vijay to thwart them, and the booty is returned to the police. Only a small portion is kept back to help the poor. By now completely beaten by Vijay's activities, Chimanlal sets a vast drag-net to catch him. All they know about him is that he smokes only half a cigarette throwing the other half out before lighting. At this stage arrives on the scene a comedy girl Geeta, pretending she is in the need of Vijay's help. She is in reality the police Commissioner's daughter on the tracks of Vijay. who without knowing all this, falls in love with her. Neelam discovers Geeta's police background by chance and informs Vijay about it. He dismisses the idea before Neelam, though he does realize the truth himself. Driven by insane jealousy, Neelam gives the sereat of Vijay's gang to Seth Chimanlal who engages one fierce character, Toofan to murder Vijay. Toofan does his stuff well, even to the extent of getting Vijay drowned in the deep sea with a stone tied to his legs. It is then that Toofan learns Vijay is his long-lost brother, for Toofan himself is Ajay the younger of the two. Toofan is besides himself with grief. Can he get his brother whom he himself has drowned? Must Seth Chimanalal continue his nefarious activities of crime and plague the police by his protected career? You will find all the apt answers in the resounding finale as you watch breathlessly the dramatic turns of events in FAKIRA.