After the death of his first wife, wealthy Raja Aditya Pratap Singh, re-marries another woman, simply known as Chhoti Rani, who subsequently becomes mentally unstable. His father's former mistress, Badi Rani, controls the wealth, while he himself has a mistress. Unable to procure contracts through Mantri Prabhu Tiwari, he decides to stand for elections, while his rival, Ghenda Singh, recruits an assassin, Babalu, who is also the nephew of Sunder, Chhoti Rani's chauffeur, to kill Aditya. After Sunder is unable to drive due to an injury, he recommends Babalu, and Aditya hires him. Babalu settles down in his new job, attempts to get accepted by everyone, including Chhoti Rani, who he finds attractive. He soon finds out that she, too, has feelings for him, and then starts making plans of not only carrying out his assigned task but also becoming the next Saheb.

The Royal Scandal, the war for power and fight for money continues with the return of Saheb Biwi Aur Gangster. Aditya Pratap Singh (Jimmy Sheirgill) is crippled and is trying to recover from the physical disability and his wifes betrayal. The lover cum seductress Madhavi Devi (Mahie Gill) is now an MLA, her relationship with Aditya may have broken to shambles but her relation with alcohol is deep, dark and daunting. Indarjeet Singh, a ragged prince who has lost everything but his pride, pledges to get back his familys respect which was once destroyed by Adityas ancestors. Ranjana is a modern ambitious girl who is madly in love with Indarjeet Singh (Irrfan Khan). The story takes a new turn when Aditya falls in love with Ranjana and forces Birendra (Raj Babbar) her father, for their marriage. In this game of live chess between Saheb, Biwi and Gangster, the winner, the survivor takes it all.

It’s the third edition of Saheb, Biwi Aur Gangster series where it’s survival of the wittiest and the wealthiest. Will the royal couple Madhavi Devi and Aditya Pratap Singh live to tell the tale of relentless plotting, scheming and backstabbing?