Bhagwat Chapter One: Raakshas is a crime thriller that revolves around Inspector Bhagwat (Arshad Warsi) who gets transferred to a small town in UP, where he takes on a one-year-old case of a missing girl named Meera (Ayesha Kaduskar), a school teacher. Meera was in love with Sameer (Jitendra Kumar) and planned to elope and get married. Bhagwat arrests and interrogates Sameer for being the prime suspect, while the latter fights his own case in court to defend himself. What happens next and how their lives intersect forms the remaining part of the plot.