SANDEEP AUR PINKY FARAAR is the story of a woman whose life is in danger. Sandy Walia aka Sandeep (Parineeti Chopra) works for Parivartan Bank at a very senior position. She has a fling with her boss, Parichay (Dinker) and also helps the bank get lot of investments by floating a Ponzi scheme. Sandeep gets pregnant with Parichay's child and refuses for abortion. She also blackmails Parichay about the Ponzi scheme. Parichay decides to eliminate her. He hires a corrupt police officer, Tyagi (Jaideep Ahlawat) for this job. Tyagi gets a suspended cop, Satinder Dahiya aka Pinky (Arjun Kapoor) on board. The plan is that Pinky will come to pick up Sandeep in order to take her to Parichay's place.
On the way, they'll be assassinated by the cops. Pinky, however, gets doubtful about Tyagi's intentions. Therefore, he purposely gives the number of the car in front of him to Tyagi, while he's on the way. From a distance, Sandeep and Pinky witness that Tyagi's men finish off the occupants of the front car, mistaking them to be Sandeep and Pinky. Sandeep and Pinky then run away and become incommunicado. Sandeep requests Pinky to take her safely to Nepal in return for Rs. 10 lakhs. All cards of Sandeep are blocked but she assures that she'll find a way to give him the promised amount. Pinky then takes Sandeep to Pithoragarh in Uttarakhand. It's located at the border of India and Nepal. Pinky then starts finding out a way to cross the border. Meanwhile, Sandeep bumps into an old couple (Neena Gupta and Raghubir Yadav) in Pithoragarh. Sandeep tells the lady that she's pregnant and that she needs a good place to stay. She lies that the hotel in Pitthoragarh where she is residing is dirty. The couple takes pity on them and allows them to stay in their house. What happens next forms the rest of the film.