Yamraaj is the story of two thieves Birju (Mithun Chakraborty) and Kishan (Jackie Shroff) who dream to become the biggest dons like their mentor, the city's biggest don Yamraaj (Gulshan Grover). Kishan's conscience starts troubling him as he assassinates an honest Police Officer Hamid Khan (Kiran Kumar). He decides start a new life but Birju refuses to change as he is obsessed by his dream. Their difference in opinion leads to conflict between them results in separation. Birju pursues his dream while Kishan tries to repent for his crime. Will Birju change for good or will he become Yamraaj forms the Climax.