Victoria No 203 is a story about a diamond heist and how the lives of so many different people get intertwined in the search for the lost diamonds. The movie takes off with a display of the 300 crore diamonds. Bobby Bombata (Javed Jaafery) a rich industrialist and Devyani (Preeti Jhangiani) his mall are smitten by the diamonds.
Bobby is willing to do anything to acquire them. When the diamond owner denies his offer to buy the diamonds his ego is hurt. He hires the services of a cat burglar, Tora (Tora Khasgir) to steal the diamonds.Tora performs a daredevil heist and escapes with the diamonds. She has an agenda of her own though and plans a double cross with her brother Karan (Rajesh Khera).
Just as she is about to escape she bumps into the infamous Ranjit (Kamal Sadanah) who stabs her. She escapes though, and falls next to Victoria No 203 in which she hides the diamonds. The police who suspect him for attempted murder catch the Victoria driver Raman offers to take her to the hospital and in the process. Raman’s daughter Sara (Soniya Mehra) is forced at this stage to ride the Victoria in order to make money for her father’s trial. She is unaware though that she is riding around Bombay with 300 crore diamonds in her Victoria. Jimmy (Jimmy Shergill) an expert on diamonds, takes a ride in the Victoria and falls instantly in love with Sara. The story also entails, Raja (Anupam Kher) & Rana (Om Puri) two small time crooks who are recently released from jail. They hear about the diamond heist and are extremely impressed, hoping one day to be able to do something of the sort.