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 ...

Chief Inspector Jacques Clouseau is dead. At least that is what the world—and Charles Dreyfus—believe when a dead body is discovered in Clouseau's car after being shot off the road. Naturally, Clouseau knows differently and, taking advantage of not being alive, sets out to discover why an attempt was made on his life.

The famous Pink Panther jewel has once again been stolen and Inspector Clouseau is called in to catch the thief. The Inspector is convinced that 'The Phantom' has returned and utilises all of his resources – himself and his Asian manservant – to reveal the identity of 'The Phantom'.

Charles Dreyfus, who has finally cracked over inspector Clouseau's antics, escapes from a mental institution and launches an elaborate plan to get rid of Clouseau once and for all.

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.