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.
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 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'.