Rakhwala revolves around a little girl who comes from her village to Bombay to find her father. She meets Vikram a kind hearted person who could help her. But Vikram is helpless as she doesn't know her father's name nor has his photograph.
Vikram ( Anil Kapoor ) works for Ranjeet ( Suresh Oberoi ) who is the president of a builders association. Janganiya is his enemy ( Prem Chopra ) and also happens to be Vikram's father. It is shown that Vikram's father left Janaki ( Tanuja ) his mother, and made her go to jail using Inspector Dharam Raj ( Shakti Kapoor ) who also rapes her. Now Vikram stays in a basti & Ramtakki ( Farah ) loves him. One day a girl Mini , comes to him and asks for his help in searching for her father whose name she doesn't know. Her mother Kiran ( Shabana Azmi ) is mentally challenged and is in hospital in the care of her grand father ( A.K.Hangal ). Ranjeet once sees her in hospital and gives money to Vikram to eliminate Kiran and tells the story to Vikram . Kiran was a journalist & exposed Ranjeet through her article and insulted him by slapping him. Being furious Ranjeet raped her. Kiran becomes pregnant and then gives birth to Mini. But Vikram instead of killing Kiran plans to let Mini meet her father and reunite them. He succeeds partially and an accident which brings back Kiran's memory does the rest. Mini finally gets back both her father and mother. But what about Vikram's own father and mother. Will he gets them back? And if so, then what will he do to his father who left him and his mother?