One Two Three movie features three Laxmi Narayans. First one belongs to a family of criminals and needs to be an excellent criminal but falls in love with the girl whom he has to kill. Second Laxminarayan works in an office and does everything to please himself.
Third Laxminarayan is into a business of lingerie. Laila is owner of a showroom where the love couple Chandu and Chandni work and a girl Jiya is into the business of selling lingerie.
The movie starts when a loving unmarried couple Chandu and Chandni get a bag that has diamonds of 10 crore rupees. The couple hides the bag into an old car in the showroom where they are working. The owner of the showroom, Laila wants to sell her old car to pay her amount outstanding and the couple does not want the car to be sold for the existence of diamonds in it. Henchmen Albert and Papa are searching for their misplaced diamonds that are stolen. First Laxmi Narayan tries to get the diamonds as his mother wants him to attempt a few murders and then get settles in the life. He reaches the Blue Diamond Hotel of Pondicherry to kill Papa. The second Laxmi Narayan is a management graduate from Darjeeling and he does all he is asked by his boss. He also reaches the Blue Diamond Hotel of Pondicherry to get a car for his boss from Laila.
The Laxminarayan three has set up a lingerie company for his son and he has to collect the samples of Lingerie from the same hotel in Pondicherry.The three Laxmi Narayans wait for their letters and messages and they get the others messages and even photographs to make them reach the wrong person but ultimately things get more in favor of all the people involved.
First Laxmi Narayan gets the photographs of Jiya and he goes after her to kill her, the second Laxmi Narayan gets the photographs of Papa and he gets beaten up by him and the third gets the photographs of Laila. The confusion over the names creates the comedy sequences.
This movie is expected to release by March 28, 2008.