Rajveer Singh (Saif Ali Khan) has a immense passion for driving and dreams of making it big on the racecourse. He is discovered by his manager Harry (Jaaved Jaffrey). In a sudden twist of fate he meets Radhika (Rani Mukerji) and instantly falls for her. He joins Speeding Saddles – a failing race team and transforms from Rajveer Singh to RV the race car driver.
What started as a innocent love blossoms into a serious relationship for both Rajveer and Radhika. A few months later they marry and their family is complete with the birth of two children – Priya (Angelina Idnani) and Ranveer (Ali Haji). Luck follows him as RV and he is soon proclaimed the number one race car driver in the USA.
However tradegy strikes when RV is involved in an accident whilst racing and he is hospitalized for a few months. He tries to make a comeback but the trauma of the accident mentally scars him. After a string of failures, he is forced to auction his house and move with his family to a run-down Bronx-style neighborhood. RV and Radhika decide to hide the terrible truth from their children by saying that they are part of a reality televison show where they have to live a poor life in order to win a mythical grand prize.
The family struggle with their new lifestyle but stick together by using a mixture of fantasy and cheerfulness to pull through. However a incident forces RV to make a decision and reclaim the life that was taken away from him.