Babu (Sreenivasan) is a small time magician known by his stage name Prof. Rangoonwalla. He makes ends meet by doing odd shows. He reluctantly lets Raju (Jayaram), a pickpocket, to join him as his assistant. While performing a trick called The Vanishing Beauty with the help of his neighbour Sridevi (Geetha Vijayan), a woman (Sobhana) unknowingly stumbles in on stage. The show is spoilt and they end up running away to avoid brickbats. They confront the woman and gets pulled into her mysteries.