Famous for both his stage and screen roles, Lagoo earned a 1978 Filmfare Award for his supporting role in the Hindi movie Gharaonda and was presented with the 2006 Master Deenanath Mangeshkar Smruti Pratisthan honor for his body of work for both the theatre and the cinema.
After graduating from the University of Pune's Fergusson College, he entered the B.J. Medical College. While in medical school, he began acting in theatrical productions.
He and fellow actor Nilu Phule appeared together in several Marathi films, including Sinhasan, Saamna, and Pinjra.
He and his three younger siblings were born in Maharashtra, India to Balakrishna Chintaman and Satyabhama Lagoo. He later married actress Deepa Lagoo.
He appeared with English actor Ben Kingsley in Columbia Pictures' 1982 feature film, Gandhi.