The man has not been named but is said to be in his 40s, of Montenegrin origin. He apparently escaped earlier this year from a Swiss prison.
French police said he was arrested at his home in Montpellier, as he tried to escape through a window.
His arrest follows a string of major thefts in Cannes, in southern France, but it is not clear if there is a link.
The Pink Panthers are an international band of jewel thieves, many of whom hail from the Balkans, who are known for their daring robberies and burglaries.
They are thought to have stolen over 250 million euros of precious stones over 10 years.
The arrested suspect is a former French legionnaire.
He is said to be one of five men who broke out of the Bois-Mermet prison, near Lausanne in Switzerland, in May.
At least one other of the escapees was thought to be a member of the Pink Panthers.
Another member of the gang escaped from a Swiss prison last month.
The Pink Panthers were given their name when police in London made an arrest in 2003, and found a diamond ring hidden in a jar of face cream – a ploy used in the original Pink Panther comedies starring Peter Sellers.
Three Indian nationals have been arrested and charged over the killing of Sikh separatist leader…
President Joe Biden has urged pro-Palestinian protesters on university campuses to uphold the rule of…
Blue Ivy Carter has joined the voice cast of The Lion King prequel Mufasa: The…
At least five people, including a four-month-old baby, have been killed after dozens of tornadoes…
Harvey Weinstein has been hospitalized just days after his 2020 rape conviction in New York…
Hamas has published a video showing the first proof of life of US and Israeli…