Insaan Aur Shaitan is the story of the two faces of a man. Vijay Chauhan, a security officer's life and career gets destroyed when he is accused of causing a train accident with the intention of looting the gold which was carried by the train. Vijay suffers a personal loss in the accident when his father becomes blind due to a trauma from the accident. Vijay runs away from both, the police - to save his life, and the gangsters who are after his gold. After reading an advertisement in a newspaper, Vijay goes to meet his nemesis, his look alike and the evil - the 'Shaitaan'. Another accident takes place and one among the two dies. Who is alive from the two? Is it the good- the 'Insaan' or the evil - the 'Shaitaan'.