  We study the effect of scalar leptoquarks on the exclusive rare $B$ meson
decays $\bar{B}_d^0 \rightarrow \bar{K}^{* 0}\left(\rightarrow K^-\pi^+\right)
l^+ l^-$ in the full kinematically accessible physical region. We work out the
constraints on leptoquark parameter space using the measured branching ratio of
$B_s \rightarrow \mu^+ \mu^-$ process by the CMS and LHCb collaborations. We
compute the branching ratio, forward-backward asymmetry and isospin asymmetry
distribution using the constrained parameter space. We also look into various
form factor independent and CP violating observables in the scalar leptoquark
model.
