Farhan Qureshi (Madhavan) and Raju Rastogi (Sharman Joshi), on an adventure, take a trip down memory lane and the story of their missing friend — the impressible free-thinker Rancho (Aamir Khan), who in his unique way, touched and changed their lives. It's a story of their hostel days that swings between Rancho's romance with the spirited Pia (Mona Singh), and his clash with an oppressive mentor, Viru Sahastrabudhhe (Boman Irani), up to the day he disappeared.