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.

A diamond smuggling operation goes wrong when an ordinary Soviet citizen becomes unwittingly involved, and the criminals are forced to court him to retrieve their diamonds.