The "Pink Panther Diamond" is stolen with only one clue left behind - a white glove, the trademark of the world-renowned jewel thief The Phantom (Christopher Plummer). Believed to be retired, he immediately becomes the chief suspect on Inspector Clouseau's list. Wanting to clear his name, The Phantom sets out to find the real thief and sends Clouseau bumbling along on a false trail. Inspector Clouseau's antics finally push his boss. Chief Inspector Dreyfus, over the edge and he sets out to murder Clouseau to be rid of him once and for all!