Khiladiyon Ka Khiladi is about a deadly game of survival in the ruthless world of crime and sleaze. A criminal don, Maya (Rekha), hosts illegal wrestling matches in U.S (New York) and has the full support of the local Police Commissioner. Ajay Malhotra has relocated to US and has started his own orchestra with the help of some of his friends.
His brother, Akshay (Akshay Kumar), decides to visit him on hearing that he wants to marry his beloved in Canada; on the airplane he meets Priya (Raveena Tandon), and both fall in love. Once in the U.S., Akshay finds out that the police have a warrant for the arrest of Ajay and want to question him. Akshay’s attempts to locate Ajay land him with Maya, who happens to be Priya’s sister. Apparently Maya is holding Ajay and will only release him after he hands over incriminating documents. Akshay soon wins Maya’s confidence by rescuing her from attempts on her life made by King Don (Gulshan Grover), and Maya begins to like him and trust him. Akshay then proposes to her, to which Maya agrees, much to the disappointment of Priya.
Soon Akshay kills Maya’s men when they get to know of his true identity. He also organises a fake kidnap drama with Ajay’s friends, who kidnap him and demand that Maya come to meet them with Ajay. By now Maya realizes that Akshay is Ajay’s brother, and Priya actually loves Akshay. At the end, Maya commits suicide, and before dying she hands over her sister Priya to Akshay.