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 Insp. Dreyfus assigns the worst police inspector Jacques Clouseau to the case. His intention is to give a diversion to the press, while he uses his best men to chase the killer and thief. He assigns Gendarme Gilbert Ponton to work with Closeau and inform each step of the investigation. When Clouseau is nominated with honor to the highest prize in France, Dreyfus decides to humiliate Clouseau and take him out of the case. However Clouseau has already solved the mystery.

After having been rewarded for solving the mystery of the Pink Panther Diamond, inspector Jacques Clouseau has been assigned to minor tasks by his boss inspector Dreyfus so as not to have him in his way anymore. Unfortunately, the famous diamond has once again been stolen as have many other artifacts in a series of burglaries around the world. His past success will enable inspector Clouseau to be part of the dream team comprised of the greatest detectives of the affected countries, where he will be able to display his numerous talents across the world.