Mr. & Mrs. Khiladi is a story about well educated middle class boy called Raja (Akshay Kumar) But, Raja's only problem is that he blindly believes in astrology. Raja is under wrong impression that one day he will become king because his uncle, Chanda Mama (Satish Kaushik) astrologer tells him that within one year he will become a king. On the other hand, there is an exporter called Shalu (Juhi Chawla) who falls in love with Raja but, Badriprasad is against the marriage of Shalu with Raja, who is good for nothing. But, Shalu is adamant to marry Raja only. At last, Badriprasad keeps a condition for their marriage, if Raja can get one lakh rupees then only he can have honeymoon with Shalu. Now to collect one lakh rupees it is a very tough task for Raju.