Ajay tells the passionate and tumultuous story of Ajay, a dairy and poultry dealer, and Manorama "Rama," the foreign-returned, headstrong niece of powerful, wealthy landlords, Raja Brijraj Singh and his younger brother, Ranbir Singh. The film is set in a small town, Kishengarh.
Initially, Manorama, independent and used to wealth, clashes with the straightforward and noble Ajay. Despite their vastly different social and economic classes, their initial arguments and skirmishes gradually evolve into a deep mutual attraction and, eventually, profound love. Their blossoming romance, however, draws the fierce and violent ire of Manorama's protective and status-conscious uncles.
Brijraj and Ranbir use their power and coercion to try and separate the couple. The uncles ruthlessly threaten Manorama, forcing her into an unthinkable betrayal: she must provide false witness that results in Ajay being thrown into jail. Adding to the tragedy, the false accusation also causes Ajay's sister to be disowned by her in-laws, leading directly to the demise of Ajay's mother from heartbreak.
Upon his release, Ajay, unaware of the extreme duress Manorama was under, is consumed by grief and fury. He blames Manorama entirely for his mother’s death and the ruin of his family. He sets out for revenge, but the plot takes a crucial turn when he eventually learns the painful, devastating truth: Manorama was a victim of her uncles' brutality and manipulation, forced to comply under duress.
With the truth revealed, Ajay’s hatred shifts entirely to the real culprits: Raja Brijraj Singh and Raja Ranbir Singh. The film then climaxes with a shift to an action-packed quest for justice. Driven by love for Manorama and a burning desire to avenge his family’s suffering, Ajay retaliates by killing both of Manorama's villainous uncles, thus bringing the saga of class conflict, betrayal, and intense emotional drama to a violent end.