The narrative spans from the 1999 IC-814 Kandahar hijacking to the mid-2000s. Following the humiliating hostage exchange and the 2001 Parliament attack, intelligence chief Ajay Sanyal initiates Operation Dhurandhar, recruiting Jaskirat Singh Rangi and erasing his identity to create the alias Hamza Ali Mazari.
Hamza infiltrates Karachi's volatile Lyari district, gaining the trust of underworld kingpin Rehman Dakait. He uncovers a tripartite criminal-terror apparatus: Dakait manages extortion and counterfeit cash, politician Jameel Jamali provides state protection, and Major Iqbal manages cross-border militant operations.
Navigating lethal gang wars and encounter specialist SP Chaudhary Aslam, Hamza orchestrates internal syndicate sabotage, culminating in the elimination of Rehman Dakait. Instead of extracting back to India, Hamza exploits the power vacuum to take over the syndicate as Sher-e-Baloch. The film concludes on a cliffhanger as Hamza embeds himself deeper into high-level networks to thwart the impending 26/11 attacks and target the shadowy mastermind Bade Sahab, leading directly into Dhurandhar: The Revenge.