Ranvir Singh (Saif Ali Khan) is a rich, dedicated and adventurous individual. He is the owner of a successful stud farm known as the Stallions. He frequently bets on horse races against his arch nemesis Kabir Ahuja (Dilip Tahil). While Ranvir is adventurous, cunning and clever, his younger brother, Rajeev (Akshay Khanna) is an alcoholic who is jealous of his elder brother. Ranvir is in a relationship with Sonia (Bipasha Basu), a successful model. His secretary, Sophia (Katrina Kaif) is also in love with him, however Ranvir mistakes Sophia's love and care as her efficiency.
One day, Ranvir's car crashes on the way back from work. Luckily, he recovers, without any serious injuries, and a party is held to celebrate. Here, Ranvir introduces Sonia to Rajeev. In an instant, Rajeev falls in love with her and claims that if she were to come into his life, he would give up alcohol forever. Ranvir links the two by lying about a past girlfriend's return. As Ranvir backs off, Sonia and Rajeev become closer -- so close that Sonia asks Rajeev to marry her. However, Rajeev refuses as he feels he cannot come to terms with Sonia's past life (she was adopted, ran away from her foster home by accusing an old man who worked there of trying to molest her, and finally she also killed someone with a beer bottle while committing a burglary). Rajeev manipulates Sonia into helping him with a dangerous plan - to kill Ranvir. Sonia's need for money and the guarantee that Rajeev will not tell anyone about her past life is enough for her to strike a deal with him. The two plan to kill Ranvir so that they receive his the 100 million dollars from a double indemnity clause in their life insurance policy. It is later revealed that Rajeev actually hired a contract killer to make Ranvir's crash look like an accident, hoping he would die, but this plan had failed.
Rajeev and Sonia get married and,as planned, Sonia convinces Ranvir that he has made a mistake by marrying her off to an alcoholic. As ordered by Rajeev, Sonia eventually seduces Ranvir. Rajeev later explains to Ranvir that Sonia is having an affair with someone else. Ranvir is uneasy but nevertheless hides the truth from both Rajeev and Sophia.
Finally, Sonia and Rajeev execute the final stage of their plan to push Ranvir off a building and to make it look like an accident. However, it is revealed that Sonia was in alliance with Ranvir as she told him everything about the plan. Ranvir tells Sonia that everything shall go as Rajeev has planned but in the end Rajeev is going to die instead of him. The plan goes ahead but Sonia instead pushes Ranvir off the building, telling him that her twenty million dollar cut was too much to let go of.
Ranvir is found dead, and his investigation is headed by Robert D'Costa aka R.D.(Anil Kapoor) and his assistant Mini (Sameera Reddy). After some investigation, Sophia confesses that she married Ranvir whilst they were in Cape Town together. Therefore the money will go straight to Sophia. To get rid of her, Rajeev hires the contract killer who attempted to kill Ranvir earlier. Eventually, it is revealed that Sophia is in a relationship with Rajeev and the contract killer was hired to kill Sonia. Sonia gets suspicious when she sees Rajeev and Sophia together, but realises she has been lured into a trap. Sonia is about to be killed when suddenly Ranvir appears and saves her.
The two brothers, as well as Sonia and Sophia, finally confront each other over the deceit, jealousy, and lies. To settle the score, Ranvir challenges Rajeev to one last race: whoever survives gets the money. The race ends with Rajeev and Sophia crashing their car and getting killed. Ranvir wins the race and is 200 million richer. In a final twist, it is revealed R.D and Mini were actually working for Ranvir. It is revealed that Ranvir had ordered Sonia to start a "relationship" with Rajeev, and that he had also told her to push him off. R.D. had planted a false body and attached Ranvir to a cable to help fake his death. Ranvir gives some money to R.D. and Mini and drives off with Sonia.
Although receiving a mixed response from critics, Race went on to be the fifth Bollywood hit of 2008 behind Ghajini and Rab Ne Bana Di Jodi. The film opened with a total of Rs.35,61,00,000 in India, £880,423 in the United Kingdom and $ 1,376,024 in the United States of America. As of May 30, it grossed Rs.63,67,00,000 ($14,886,600) in India, and $9,505,321 in other parts bringing a worldwide total of $24,391,921. Taran Adharsh gave the film 4 out of 5 stars, stating that Race "is a superb entertainer all the way" and that it "has not just style, but a lot of substance too". Hanumant Bhansali praises the film and also says that Race is "a winner all the way". In contrast to Adharsh and Bhansali, Race also met with some negative reviews, forcing the response from critics to be mixed. Raja Sen gave the film 1.5 stars out of 5 and described the various number of plot twists and poor character development as its main deficiencies.