Kola Kolaya Mundhirika film is about wealthy man delegates a trusted subordinate to hide priceless diamonds in a set of chairs before he is murdered by a trio of criminals out to get their hands on the same.
Twenty years later, the hunt for the chair resurfaces as the trusted subordinate reveals partial information about the treasure to the protagonist, Krish (Karthik Kumar). Realizing that he needs a little help, Krish enlists the help of his thieving rival, Veni (Shikha).
The villainous trio, also privy to this information, follow Krish and Veni as they set out to find the diamonds. A hilarious cat and mouse chase ensues as the main characters follow clues, traveling from city to city, assuming different personalities to find the chair with the diamonds, while being chased by the quirky, nosy police inspector Mathrubhootham (Jayaram). With Crazy Mohan's typical brand of pun-filled humor, director Madhumita guarantees a fast-paced, laugh-a-minute ride with KKM.