Victoria No. 203 is a story about a diamond  and how the lives of so many different people get entangled in the search for lost diamonds. The movie starts with a exhibition of diamonds worth 300 crores. Bobby Bombata (Javed Jaffery) who is a rich industrialist and his moll Devyani (Preeti Jhangiani) are smitten by the diamonds. Bobby is ready to do anything to get hold of those diamonds. But the diamond owner refuses his offer to buy the diamonds. Bobby's ego is hurt and as a result he hires the services of a cat burglar, Tora (Tora Khasgir) to steal the diamonds.Tora successfully steals and escapes with the diamonds. But She has an agenda of her own and plans a double cross with her brother Karan (Rajesh Khera). Just when 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 Victoria driver Raman offers to take her to the hospital but in the process he gets arrested by the police who suspect him for attempted murder. Raman's daughter Sara (Sonia Vinod Mehra) is compelled at this stage to ride the Victoria 203 in order to earn money for her father's trial. But she is unaware that she is riding around Bombay with diamonds worth 300 crores in her Victoria. Jimmy  an expert on diamonds, takes a ride on the Victoria and  falls 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 come to know about the diamond heist and are extremely excited, hoping that one day they would also be able to do something of the sort.All the characters meet in an unbelievably hilarious climax and none of them know where the diamonds actually are. Will the diamonds ever be found? And who gets the diamond finally? <br>