Raaz 3 tells the story of Aishi (Eshaa Koppikar), a talented painter who seeks to overcome her past traumas through her art. She meets Manish (Emraan Hashmi), a successful music composer who is struggling with his own demons. As their relationship deepens, Aishi begins to experience strange and terrifying occurrences, which she attributes to a supernatural force. The film's narrative is driven by a non-linear storytelling approach, which blurs the lines between reality and fantasy.