The film is divided into two parts, with Part 1 focusing on the rise of the Wasseypur gang, led by Ramakant Pandey (played by Mukesh Manhas), and Part 2 delving into the gang wars and the eventual downfall of the gang. The story revolves around the protagonist, Fahim (played by Nawazuddin Siddiqui), who becomes a key player in the gang wars.