SHIKARI, tells the story of a criminal, Om Srivastav (Govinda), who escapes from jail and lands in South Africa, disguised as a businessman, Mahendra Pratap Singh. With the help of a casino owner, Sanya (Shweta Menon), the criminal organises a business meet, wherein he announces his plans to capture the spice market and export spices at lower than the existing rates.
Om throws an open challenge to a rich tycoon and 'spice king', Virendra Singh Rawal (Nirmal Pandey), to back out of the business. Things sour between the two and Rawal decides to warn Om, on the pretext of taking him for a hunt. However, Om murders him brutally and poses as a close friend of Rawal in front of his wife Suman (Tabu) and sister Rajeshwari (Karisma Kapoor).
Rajeshwari vows to find her brother's killer and tries to find every possible evidence against him in order to identify him. However, she is unable to track any businessman by the name of Mahendra Pratap Singh. Meanwhile, Om gets close to Rajeshwari, as a family friend, and the two fall in love with each other.
Sanya, who is aware of Om's identity, strikes a deal with Rajeshwari to reveal the name of her brother's murderer at a price, but before she can do so, even she is murdered by Om. In the meantime, Rajeshwari decides to get married to Om, but Suman, her sister-in-law, refuses to give her approval for the marriage.
Suman confesses to dai maa (Sushma Seth) that she was once in love with Om, who lived in a small village, before she was forced to marry Rawal. Before Rajeshwari learns of the story, she flees her home and decides to meet Om to find out the reasons. However, she is in for a rude shock when Om admits that he has always been in love with Suman, her sister-in-law, which is also one of the reasons he had murdered her brother.
Om chases Rajeshwari, who falls in a well, and assumes that she is dead. But Rajeshwari manages to escape and confronts him when he is about to leave for India, with Suman. However, Suman refuses to accept him when she learns that he is a murderer.