Jeethu Joseph's beloved character, Georgekutty (Mohanlal), is back to his old tricks in Drishyam 3. After evading authorities in the first two films, he finds his family threatened by the past once again and must find new ways to save them. But will he be able to safeguard his family, or will they face the brunt of a dark past?
Georgekutty's wife, Rani (Meena), and their children, Anju (Ansiba Hassan) and Anu (Esther Anil), have moved on from the events of Drishyam and Drishyam 2. However, Georgekutty is still cracking from the pressure of what he has done to save his family. His wife and children still don't know the extent to which Georgekutty went to protect them all.
Drishyam 3 sees the return of some old characters, including Varun's parents, Geetha (Asha Sharath) and Prabhakar (Siddique), who are still grieving their son. Prabhakar is out to prove a point, as Geetha believes he didn't do enough after their son was killed by Anju. Suspended policeman Sahadevan (Kalabhavan Shajohn) is now an alcoholic back with a vengeance.
Georgekutty stays ahead of them, but Prabhakar wants Anju to pay the price for what she has done. He hatches a plan to frame her for a crime she didn't commit. However, Georgekutty agrees to go to prison for Varun's death if it means his family is safe.
The film ends with Georgekutty's arrest, but it hints that troubles have not ended for the family yet. Mohanlal was not joking when he announced that there might be a Drishyam 4 and 5 in the works. The open ending pretty much sets up the story and hints that Georgekutty might have no choice but to keep playing this game.