‘Rangrezz’ is about Rishi Deshpandey, a young, courageous boy whose life is incomplete without his friends and loved ones. Rishi's world is imperfect without his childhood love: Megha; and his friends: Pakkya and Vinod. He considers his friends as extended family and would go up to any length to help or protect them from anything. It is the story of this brave lad who puts the dignity of his loved ones before anything else in his life. He is someone who believes in adding value to other people's life. Someone who understands the essence of true friendship and the value of his relationships! Friendship is the thread which binds lives for ages.

But the lives of Rishi, Pakkya, and Vinod change forever, after they do nothing wrong, apart from helping a friend elope with his lover. Rishi plans to help his dearest friend Joy, along with the help of his own friends Pakkya and Vinod. Another man who helps them is Maan Singh, who provides them shelter and support. In the beginning, they all feel there's nothing wrong in it and risk their own lives, and after helping the couple elope, they almost get ruined : Vinod loses his leg in an accident, Pakkya loses his hearing ability while escaping, and the worst of all, Rishi loses the chance to marry the girl he loves.

But when the friends one day find out that the couple has parted ways, they decide not only to teach them a lesson, but also to teach them the importance of family, parents, love, and of course, friendship, which forms the crux of this fast-paced action film's plot, the tagline of which goes: Friendship, Betrayal, Revenge. In a hair-raising climax, involving terrific action sequences & thrill, Rishi's friends encounter his new Avatar: just like Shiva - the one who will benevolently die for the one he loves, but the one who can also kill for the lack of it!