Maya Bazaar is the name of a street where spare parts of condemned vehicles are sold. Rameshan (Mammootty), son of typical Akri Damodharan (Rajan P. Dev, who occasionally steals money from his son and sets out on pilgrimages) is a highly virtuous man, a good Samaritan who provides lunch packets to the ailing patients in a nearby hospital.
In fact, Rameshan is not a typical scrap dealer, who buys old vehicles, dismantles them and sells the parts. A lovable and fearless guy, he is an elegant, well-dressed young man sporting a funky hairstyle, silver earrings and wears stylish short shirts. He is adored by the charming Maya (Tamil actress Sheela now named Maya). But being a practical man, Rameshan does not pay any heed to her allure.
Rameshan often has to deal with a rival gang lead by Bhadran (Kalabhavan Mani), who deals with stolen vehicles and has an eye on Maya, her hand and her land. The entire first half has Rameshan and Bhadran taking on each other regularly, mainly over pretty Maya. Bhadran is desperate to get her, but she is completely smitten by Rameshan's charm. Several verbal and physical fights between Rameshan and Bhadran follow, after which the story takes an abrupt turn after the intermission