A Serbian citizen, Igor Jocic from Belgrade, is wanted by Swiss authorities over a robbery, police said in a statement.
Jocic, captured as he tried to enter Montenegro from Serbia, was detained pending his extradition, the statement said.
According to the media, the Pink Panther group is made up of 60 people originating from the former Yugoslavia, half of them believed to be from Montenegro.
They have been linked with the robberies of more than 120 jewelry stores worldwide.
The gang was given its name after British detectives found a diamond ring hidden in a jar of face cream, recalling an incident in the 1963 comedy film “Pink Panther” starring Peter Sellers.