Wajood is the story of today's youth, their aspirations, dreams and struggle to create an identity for themselves in today's world. Apoorva Chaudhary is the only daughter of a multi-millionaire. Nihal is the son of Collector Abhijeet Joshi. Apoorva falls in love with Nihal. Malhar is the son of a poor clerk and has fascination for acting and directing on the stage. Malhar is infatuated by Apoorva and craves for her. Malhar is shocked that Nihal is engaged with Apoorva.
Malhar pleads to Mr.Chaudhary for Apoorva's hand. In the ensuing scuffle Mr. Joshi is killed accidentally by Malhar, after this tragedy Malhar is imprisoned. Apoorva's father on the grounds of diversity in status terminates her engagement with Nihal and thus they fall apart. Time passes and Malhar, Apoorva and Nihal cross each others path again.
Malhar has turned into a criminal and he satiates his urge of acting by committing crimes in different disguises. Malhar accidently meets Sophia who instantly falls in love with him. Nihal lays a trap, Malhar accepts the challenge. Malhar and Nihal have an encounter where Malhar realises Apoorva's love for Nihal. Sophia is dejected to hear about Malhar's revelations of his obsession towards Apoorva. She commits suicide. Apoorva admonishes Malhar for his criminal activities. Malhar decides to surrender but not before a final meeting with Apoorva. At the theatre, the final act has begun.
Will Nihal catch Malhar? What character is Malhar playing in the last act? How does Apoorva react to all this?