Set in late-1920s Soviet Union, Ostap Bender and Ippolit "Kisa" Vorobyaninov are after a stash of diamonds hidden in one of the chairs in 12-chair set. They are forced to go on a cross-country chase when the chairs are auctioned off.

A former aristocrat Ippolit Vorobyaninov leads a miserable life in Soviet Russia. His mother-in-law reveals a secret to him - she hid family diamonds in one of the twelve chairs they once had. Vorobyaninov in cooperation with a young con artist Ostap Bender start a long search for the diamonds.

Shurik, a kind but naïve ethnography student, falls in love with the intelligent, athletic and beautiful All-Union Leninist Young Communist League member Nina. He has a rival in the wealthy comrade Saakhov, who concocts a kidnapping scheme to force Nina to marry him.