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.
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 not know who The Phantom really is, or for that matter who anyone else really is...
While Ron Burgundy's rivalry with Veronica Corningstone escalates quickly, a group of unprofessional thieves better known as 'The Alarm Clock' try to make the truth known, whatever that may mean...
In Eastern Finland, in Liperi to be exact, Anna-Liisa Ihalainen asks her husband Antti to get some matches from the Ihalainen household. Unfortunately that trip takes a little longer than expected...