KHAALI PEELI is the story of a boy and girl on a crazy night-time adventure. Blackie (Ishaan Khatter) is a cabbie in Mumbai who drives the famous black-and-yellow taxi, also popularly known as kaali-peeli cab.
One night, a strike of the taxi drivers is going on. Blackie however comes across a pregnant lady on her way to the hospital. He agrees to take her and her hubby to the hospital in return for Rs. 5,000. While he is on the way, some cabbies catch him red-handed. They inform the union leader (Ashish Varang) who along with some taxi drivers confront him. While trying to save himself from their attacks, he accidentally ends up stabbing one of them. He decides to run away from the city in his cab for a few days till the matter cools down. This is when he bumps into Pooja (Ananya Panday). She stays in a brothel run by Yousuf Chikna (Jaideep Ahlawat) since she was a child. It was at a very young age that one of Yousuf's customers, Choksi Seth (Swanand Kirkire) had fallen for her and had decided to marry her when she grows up.
She, however, is not at all interested in him. She hence steals a lot of money and jewellery from Yousuf and escapes. That's when she comes across Blackie. Blackie decides to drop her somewhere outside the city and Pooja decides to pay him generously in return. Blackie realizes she has a lot of money in her bag. He has always desired to be rich and hence, he devises a plan to hand her over to Yusuf's goons.
In return, Yousuf's goon Mangya (Suyash Tilak) promises that he can keep the bag that Pooja stole and he would additionally pay him the same amount as well. The plan is put in motion and Mangya manages to get hold of Pooja. But at that very moment, Blackie realizes that Pooja is the girl who was her first love. What happens next forms the rest of the film.