Two crazy, jobless, horror-film addicts, Major and Gullu, under immense family pressure to find work, hit upon an idea to float a unique ghost-capturing service. They meet a female spirit, Ragini, who makes their business a success, but in return asks them for a dangerous favour, which they are compelled to honour. What lies ahead is a crazy battle between good and evil, laced with funny ghostly encounters and the bizarre outlandish ways in which Team Phone-Bhoot comes out victorious.