Race 2 begins with a sniper shooting out the fuel tank of a Lamborghini, causing it to burst into flames. Some time afterwards, a robbery takes place and European printing plates are stolen. Ranvir Singh (Saif Ali Khan) watches this news on TV and smiles. Ranvir goes to a casino owner, Vikram Thapar (Rajesh Khattar), claiming to have been behind the Euro printing plates robbery.
Ranvir offers Thapar €1.5 billion of counterfeit currency in exchange for €500 million real banknotes. Thapar agrees, and borrows the €500 million from ex-street fighter and billionaire gangster Armaan Malik (John Abraham), and makes the trade with Ranvir. It is then revealed that Ranvir never stole the printing plates, and was conning Thapar to get revenge for a previous matter. Now, unable to return Armaan's money, Thapar is forced to give Armaan control of five casinos that he owns in Istanbul, Turkey.
The con is revealed to be a plan that Ranvir made a week earlier with Armaan, who he was introduced to by his friend Robert "RD" D'Costa (Anil Kapoor) and his dimwitted assistant Cherry (Ameesha Patel). Ranvir essentially gives Armaan ownership of Thapar's five casinos in exchange for a 10% commission, a fraction of the true value of the casinos. Ranvir and Armaan become friends and business partners, while Ranvir begins a romance with Armaan's half sister and 50% shareholder Alina (Deepika Padukone).
At a party hosted by Armaan and Alina, Ranveer meets Armaan's girlfriend Omisha (Jacqueline Fernandez) and sees a picture of his deceased wife Sonia (Bipasha Basu) in her wallet. He begins to charm her in order to gain her confidence. Meanwhile, he brings a lucrative deal to Armaan that will make them both billions. However, Ranvir later reveal to RD that Armaan and Thapar were responsible for the death of Sonia, and his real plan is to bankrupt Armaan. Ranvir then establishes contact with Omisha, who tells him that she is Sonia's sister Tanya, and has been dating Armaan to get close enough to kill him. However, Omisha is revealed to not be Tanya after all, and actually be working with Armaan, who already knew that Ranvir was Sonia's husband.
Ranvir tells RD and Cherry that his plan is to steal the Shroud of Turin. He will steal the Shroud himself, but will tell Armaan that someone else will do it, and sell it to him for €15 billion, which is a fraction of the Shroud's true value. Ranvir then plans to steal both the Shroud and Armaan's €15 billion. However, RD, who is deathly afraid of Armaan, betrays Ranvir and tells Armaan the whole plan.
After Ranvir drinks his glass clean, Armaan reveals that Alina mixed poison in Ranvir's glass. As Ranvir slowly dies, Armaan reveals that thanks to RD he knew Ranvir's plan the whole time and he was controlling the race the entire time. Alina reveals that she was never on his side because of her blood relationship with Armaan. Omisha drives back with the money and reveals to Ranvir that she was also on Armaan's side and she is not Sonia's sister. After Ranvir dies, RD and Cherry leave after getting 10% of the money from Armaan. Alina leaves to get the private jet ready, while Armaan and Omisha retrieve the real Shroud from Ranvir's luggage locker.
Armaan, Omisha, and Alina leave in their private jet. While in the jet, Armaan points his gun at Alina, revealing that all along he was planning to kill her and take her money. Suddenly, Ranvir crashes through the wall and reveals that Alina never poisoned his drink. Alina tells Armaan that she was on Ranvir's side ever since Armaan planted the bomb in her car. Ranveer reveals that RD never betrayed him, and that he himself told RD to inform Armaan of the real plan. This was to make Armaan think he was ahead of Ranvir. Ranvir then reveals that he had seen a picture of Sonia's sister before he even met Omisha.
Afterwards, Ranvir and Armaan have a fight in the plane being in midair. During the fight, Armaan tells Ranvir that he killed Sonia because she had betrayed him and fled with his money. As a result of the fight, a window of the plane was broken and subsequently an object damages the aircraft's propellor. Armaan gets hold of a gun and shoots the pilot and all the parachutes except one and he along with Omisha escape with it. Ranvir and Alina were left out so that they would die as a result of plane-crash but they escape using Armaan's car which opens chutes while in the air. The plane crashes on a mountain.
Armaan and Omisha goes to meet Godfather Anza and gives him the shroud, which on inspection turns out to be fake. Just then Ranvir calls Omisha and tells how after everyone left the ruins of Antalya, Alina came back to take Ranvir to the jet. Then, they reveal how Alina switched the real money with the fake money while Ranvir and Armaan were fighting in the jet. Hearing this Anza Takes everything from Armaan in return of his money, even Omisha switches sides when she sees Armaan as being penniless.
Ranvir and RD meet and Ranvir gives him his share. RD then says that he does not want to risk his life again and makes Ranvir promise to never meet him again. Ranvir shakes on the promise but then warns RD that promises are made to be broken. RD and Cherry then leave in one small aircraft, while Ranvir and Alina leave in another.
