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.

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.