La seductora Princesa Dala (Claudia Cardinale) arriba amb la seva preciosa “Pantera Rosa”, una magnífica joia en forma de felí, a un luxós hotel, on coneix l'elegant i amable Sir Charles (David Niven), sota la inofensiva aparença del qual amaga, però, un despietat lladre professional conegut com “el fantasma”.” D'impedir que l'astut delinqüent se surti amb la seva, s'encarrega l'inspector més maldestre de la policia francesa, ni més ni menys que el famós Jacques Clouseau ( Peter Sellers).

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.

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.