Raazi is the story of Sehmat, a young and innocent college-going girl from India. Sehmat Khan’s (Alia Bhatt) father, Hidayat Khan (Rajit Kapur), works as a secret service agent for the Indian government. He is friends with Pakistan’s Brigadier Syed (Shishir Sharma). When Hidayat learns that he has only a few days left to live because of a tumour detected in his lungs, he asks his daughter to carry on with his work of a secret service agent. Towards this end, he fixes Sehmat’s marriage to Brigadier Syed’s son, Iqbal Syed (Vicky Kaushal). Before the nikaah, Sehmat is trained by Khalid Mir (Jaideep Ahlawat) so that she could become adept at all things a spy ought to know, like code language, transmitting information, self-defence etc.
Sehmat goes to Pakistan not just as Iqbal’s wife and Brigadier Syed’s daugther-in-law but also as an Indian spy. While the Syed family thinks, she is a simple and dutiful wife; she is actually passing on incriminating information – that too, from right under the noses of her husband and in-laws. This information proves that Brigadier Syed and other Pakistani army men are planning to attack India. However, Abdul (Arif Zakaria), an Indian by birth, works in the Syed household in Pakistan. He seems to not be very fond of Sehmat.
Sehmat often goes to the market place where she connects with Indian spies who are under cover. Slowly, Sehmat has to resort to the ultimate for her safety – and this includes trying to murder Abdul, the loyal house help of the Syeds, and Brigadier Syed’s older son, Mehboob (Ashwath Bhatt). And then, the Pakistan government gets information that secret messages had been transmitted to India from the Syed residence. The Pakistan government wants to trace the culprit in the Syed household. So, is Sehmat now safe in her marital home in Pakistan? Will her husband find out the truth about her? Will Sehmat’s father-in-law get her arrested? Will the Indian government save her? Or will Sehmat die in Pakistan?