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'.
A hardened convict and a younger prisoner escape from a brutal prison in the middle of winter only to find themselves on an out-of-control train with a female railway worker while being pursued by the vengeful head of security.
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.
