Based in a small town in the Northern part of India, Saheb Biwi Aur Gangster is a story packed with intrigue betrayal and ambition between a beautiful Begum (Mahi Gill), her Nawab husband (Jimmy Shergill) and an ambitious young man Babblo (Randeep Hooda).

The Nawab and his Begum live in their ancestral royal house trying to maintain the status and structure their ancestors had left behind. But due to the changing times, some extreme financial conditions and the long gone habit of a royal having a mistress, the Nawab tries hard to maintain his status and financial conditions. His rival political party, belonging to Gainda Singh, is on a constant mission to eliminate the Nawab and his allies, to get a hold of the administration, which has been with this royal family for decades. Eventually leaving him with just one ally Kanahiya who is Saheb's most trusted and dangerous servant. Due to the Nawab's interest in his beautiful mistress, Begum suffers from the lack of his attention and tries to get him to come back to her. The Nawab starts taking contract killing assignments to be able to cope up with his lifestyle and to be able to get a stronger hold over his political situation while campaigning for the elections, which becomes a difficult battle considering the loss of his allies and deteriorating financial situation.