When the coach of the France soccer team is killed by a poisoned dart in the stadium in the end of a game, and his expensive and huge ring with the diamond Pink Panther disappears, the ambitious Chief Inspector Dreyfus assigns the worst police inspector Jacques Clouseau to the case.

The trademark of The Phantom, a renowned jewel thief, is a glove left at the scene of the crime. Inspector Clouseau, an expert on The Phantom's exploits, feels sure that he knows where The Phantom will strike next and leaves Paris for the Tyrolean Alps, where the famous Lugashi jewel 'The Pink Panther' is going to be. However, he does not know who The Phantom really is, or for that matter who anyone else really is...

When legendary treasures from around the world are stolen, including the priceless Pink Panther Diamond, Chief Inspector Dreyfus is forced to assign Inspector Clouseau to a team of international detectives and experts charged with catching the thief and retrieving the stolen artifacts.