"Lupin III: The Legend of the Gold of Babylon" centers on the legendary thief Arsène Lupin III and his companions as they pursue the fabled treasure of Babylon, said to be hidden somewhere in New York City. The story begins with Lupin encountering a mysterious woman named Pauline, who possesses a golden pendant linked to the treasure. This pendant is one of several keys needed to unlock the location of the gold, which is rumored to hold immense power and wealth.

As Lupin investigates, he discovers that multiple factions are also vying for the treasure, including a secretive organization led by a man named Mamo, who seeks the gold for its supposed mystical properties. Alongside his usual allies—sharp-shooter Jigen, stoic samurai Goemon, and love interest Fujiko Mine—Lupin navigates a series of elaborate heists, chases, and double-crosses. Inspector Zenigata, Lupin’s persistent pursuer, is also hot on his trail, adding to the chaos.

The narrative unfolds through a blend of action, humor, and intrigue, with Lupin and his team deciphering clues tied to ancient Babylonian mythology. The treasure hunt takes them through various iconic New York locations, culminating in a dramatic confrontation beneath the city. The story explores themes of greed, ambition, and the allure of legend, as the characters grapple with the consequences of their pursuit. The film maintains a balance between the series' trademark comedic elements and moments of tension, delivering a self-contained adventure within the Lupin III universe.