Vajralu Kavala Nayana is about Prem (Anil Burugani), who works as a loan recovery agent and wants to acquire Rani Nilayam, a bungalow owned by rich lady Rani (Neha Deshpande). He gets help from his friends to execute his plan, but get baffled by the truth that Rani is not alive, but is visible to them. How these friends escape from the ghost is the rest of the story.