Ishqiya story is set on the backdrop of Gorakhpur in Uttar Pradesh and here are two thieves – Khalujaan (naseeruddin shah) and Babban (arshad) who are trying to escape from their boss Mushtaq. In this process, they decide to go to a friend’s place and get into hiding. Here, they come across Krishna (vidya) who is the widow of their friend. In no time, both thieves get attracted to Krishna and while Khalujaan is more nostalgic about his love towards Krishna, Babban is waiting eagerly to get her to bed. However, there is a link of the past that ties them together and in no time, it comes back. What happens from there forms the rest of the story.