Maya Bazaar takes us to a small town named Mayannoor, where there is a market named Maya Bazaar. The curious thing about Maya Bazaar is that it specializes in the sale of automotive spare-parts taken from old and discarded vehicles. There are many in Maya Bazaar who buy old automobiles, dismantle them and sell the parts cheaply and still make a profit. One of them is Rameshan. Rameshan made his way to success in this business by dint of hard work. He is a warm hearted guy and is liked by everyone. Rameshan finds a rival in Bhadran, who too is in the same line of business. Jealousy is at the root of Bhadran's rivalry towards Rameshan.There is a young girl named Maya who works in a tea shop run by an elderly man named Jose. Maya lives in the place with her mother. Rameshan has a fondness for Maya. He respects her for the courage with which she has been facing life and fighting it out all alone. Bhadran who has set his eyes on Maya does not like Rameshan being close to her. What's the outcome of this rivalry forms the plot of the film. Mammootty plays Rameshan, Kalabhavan Mani plays Bhadran and debutante Maya plays Maya.