At its core, One, Two, Three is a story of mistaken identities. The film follows the lives of three men who look identical: Laxminarayan (Suniel Shetty), a kind-hearted simpleton; Guddu (Tushar Kapoor), a petty thief; and Yadav (Paresh Rawal), a corrupt inspector. When their paths cross in unexpected ways, it leads to a series of hilarious misunderstandings and mix-ups.
The plot thickens when Laxminarayan falls in love with Meera (Esha Deol), the daughter of a wealthy businessman. Meanwhile, Guddu finds himself on the run from the police after stealing a valuable necklace. As fate would have it, Yadav is tasked with investigating the theft, leading to a comedy of errors that keeps viewers laughing from start to finish.