The film opens in the summer of 1968 in a small village in Uttar Pradesh. Phoolan is married to a twenty-something-year-old man called Puttilal (Aditya Shrivastava). Though child marriages were customary during that time, Phoolan's mother Moola (Savitri Raekwar) objects to the timing of the match. Phoolan's aging father Devideen (Ram Charan Nirmalker), conforming to his culture, disagrees, and Phoolan is sent off with Puttilal.
Phoolan is exposed to some sexual and exploitative abuses, including the caste system. (Phoolan's family, as well as Puttilal's family, belong to the lower-ranked Mallah sub-caste; the higher-ranked Thakur caste takes the lead in social and political situations.) Puttilal is physically and sexually abusive, and Phoolan eventually runs away and returns home. As Phoolan grows older, she faces incidents of (non-consensual) fondling and groping from the Thakur men (whose parents make up the panchayat or village government). At the next town meeting, the panchayat wields their patriarchal authority to banish Phoolan from the village, since she will not consent to the sexual advances of the higher caste males.
Accordingly, Phoolan lives with her cousin Kailash (Saurabh Shukla). En route to another village, she encounters a troop of dakus (bandits) of the Babu Gujjar gang, led by Vikram Mallah Mastana (Nirmal Pandey). Phoolan stays with Kailash for a while but is eventually compelled to leave. Angry and hopeless, Phoolan goes to the local police to try to have her ban lifted, but she is beaten, molested, and arrested by policemen, who rape her in custody. The Thakurs put up bail and have her released. But, unknown to her, the bail is a bribe (paid, through the police, to Babu Gujjar's gang), and Babu Gujjar arrives to collect his prize.
In May 1979, Phoolan is abducted by Babu Gujjar (Anirudh Agarwal). Gujjar is a physically imposing man and a ruthless, predatory mercenary. Although Gujjar's lieutenant Vikram is sympathetic towards Phoolan, Gujjar indiscriminately brutalizes and humiliates her, until one day Vikram catches him raping her and shoots him in the head. Vikram takes over the gang, and his empathy for Phoolan eventually grows into a relationship.
All goes well until Thakur Shri Ram (Govind Namdeo) is released from prison. Thakur Shri Ram is the real gang leader (boss of the erstwhile Gujjar). Shri Ram returns to his gang and while Vikram receives him with respect, Shri Ram bristles at Vikram's egalitarian leadership style and covets Phoolan. Around this time, Phoolan revisits her former husband Puttilal, and with Vikram's help, abducts him and exacts her justice for his rape and abuse, beating him up. She shares her closure with Vikram.
In August 1980, Shri Ram arranges to have Vikram assassinated, and abducts Phoolan, bringing her to the village of Behmai. Phoolan is repeatedly raped and beaten by Shri Ram and by the rest of the gang members, as punishment for her "disrespect" for his previous advances, and for her audacity at being equal. The final humiliation and punishment is that she is stripped naked, paraded around Behmai, beaten, and sent to fetch water from the well (in full view of the village).
A severely traumatized Phoolan returns to her cousin Kailash. She recovers gradually and seeks out Man Singh (Manoj Bajpai), an old friend of Vikram Mallah. Man Singh brings her to another large gang, led by Baba Mustakim (Rajesh Vivek). She relates her history to Baba and asks him for some men and weapons to form a gang. Baba Mustakim agrees, and Man Singh and Phoolan become the leaders of the new gang.
Phoolan leads her new gang with courage, generosity, humility, and shrewdness. Her stock and her legend grow. She becomes known as Phoolan Devi, the bandit queen. In February 1981, Baba Mustakim informs her of a large wedding in Behmai, with Thakur Shri Ram in attendance. As Phoolan departs, Baba Mustakim warns her to remain low-key. Phoolan attacks the wedding party and her gang exacts revenge on the entire Thakur clan of Behmai. They round up the men and beat them up. Many of the men are finally shot. This act of vengeance brings her to the attention of the national law enforcement authorities (in New Delhi). The top police officials now begin a massive manhunt for Phoolan, and Thakur Shri Ram relishes the opportunity to come to their aid.
The manhunt claims many lives in Phoolan's gang. They are ultimately forced to hide out in the rugged ravines of Chambal without any food or water. Phoolan evaluates her options and decides to surrender. Her terms are to have her remaining mates protected and provided for. The film ends with Phoolan's surrender in February 1983. The end credits indicate that all the charges against her were withdrawn (including the charges of murder at Behmai), and that she was released in 1994.
