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Plot / Story: The film opens with the historic independence of Bangladesh. Starving, two kids named Bikram and Bala are taken in by a man named Lateef (Pankaj Tripathi), who offers them to work for him, and illegally smuggle guns to other men. He cares for them until one day an army officer that they give guns to, tells Lateef to leave one of the two boys behind to work as his child sex slave or otherwise he'll take Lateef's daughter. Bikram hears this and tells Lateef that he'll stay behind in order to save Bala, his friend. Bala then comes back to save Bikram and kills the army officer. The two boys then run away, as Lateef is killed by police.
They arrive in Kolkata by train and start their livelihood by working in a small restaurant. Bala gets into a fight with the owner who slaps him and calls him a refugee. They start looting trains of coal and selling coal in market at lower price. As they grow up, Bikram (Ranveer Singh) and Bala (Arjun Kapoor) have started looting whole trains. In this process, they kill a famous coal dacoit, Divakar (Deepraj Rana), who calls them "refugees". But their hearts always yearn for their own identity in India. On their journey from gun couriers to coal bandits, they convert all their illegal trades to legal business with the help of Kali Kaka (Saurabh Shukla). They also provide work and help to the poor, thus becoming white collared 'Gunday'. A.C.P. Satyajeet Sarkar (Irrfan Khan) who is now summoned to Kolkata to catch Bikram and Bala, warns them that he will arrest them the day he finds a single evidence.
Then Nandita (Priyanka Chopra), a cabaret dancer, enters the boys lives and both Bikram and Bala fall in love with her. They decide that whomever she loves will marry her. After some persistent wooing, Nandita calls them to a theater where Bala gets into a quarrel with a person over a comment on her and subsequently kills the man. Bikram asks Bala to run away for now so that he can be safe and promises not to meet Nandita until he returns. Nandita tells Bikram she is in love with him and if he won't come to Durga Puja she will never see him. Bikram breaks his promise to Bala to meet Nandita. Bala finds out about this through one of his henchmen Himanshu (Anant Sharma) and returns to Kolkata during Durga Puja. On spotting Bikram and Nandita together, Bala shoots at Bikram in rage, but misses and the bullet hits Nandita. She is rushed to hospital and survives, but it breaks friendship between Bikram and Bala.
Bala then finds out that all their business is in Bikram's name, hence he angrily calls Bikram and asks for equal partition of business. He agrees and transfers half the business to Bala. Bala then talks about dividing Nandita between them. Bikram gets angry and they both starts fighting. Bikram wins but spares Bala, as he once saved Bikram when they were kids. Bikram and Nandita decide to get married but she gets kidnapped by Bala. Bikram then joins hands with Sarkar and goes against Bala. Bala lets Nandita leave, as he realises his mistake. Nandita is then revealed to be an under cover police officer working for Sarkar, and is helping him to get Bikram and Bala. Meanwhile, Bikram gets to know about the true identity of Nandita as well as the man who Bala "killed" is also alive and is a police officer.
Bala gets trapped by his own henchmen Himanshu who is dacoit Divakar's brother, but Bikram rescues Bala from getting killed and they kill Divakar's brother instead. Both get reunited but find themselves surrounded by police force headed by Sarkar and Nandita. After a long chase they both get cornered by Sarkar and Nandita. Nandita try to convince Bikram that she is truly in love with him and he should surrender. But to her surprise, Bikram and Bala spots a train passing by and start running to catch it. Sarkar and Nandita then start firing bullets at them. The film ends on a freeze frame of the two running with the sounds of bullets hitting flesh.