The film stars Hugh Bonneville, Emily Mortimer, Julie Walters, Jim Broadbent, Carla Tous, Olivia Colman, Antonio Banderas and Ben Whishaw as the voice of Paddington.

Paddington receives a letter from the home for retired bears in Peru, informing him that Aunt Lucy deeply misses him and is acting strangely.

Upon arriving in Peru, the Browns learn from the Reverend Mother that Aunt Lucy has gone missing in the jungle, leaving behind only her glasses and her bracelet.

Mrs. Bird grows suspicious of the Reverend Mother and discovers a secret room where she reveals that the pendant she gave to Mrs. Brown is actually a tracker.

The Reverend Mother reveals herself as Clarissa Cabot, Hunter's long lost cousin who was thought to be deceased, also wishing to find El Dorado.

[6] In November 2017, David Heyman told Digital Spy that though the script for a third film had not been developed, discussions about locations, ideas and scenes had already begun.

[7] In November 2018, Heyman noted that a third film was likely to happen, but that Paul King would not be back to direct, though he would still be involved in a prominent creative capacity.

[10] The story was influenced by the Werner Herzog films Aguirre, the Wrath of God and Fitzcarraldo, due to such films showcasing Peru's incredible variety of landscapes, crazy geology, friendly people and its mysterious Inca mythology, with a Peruvian legend underlying the whole plot and the characters donning traditional-looking clothes in the rural Andes despite counting with modern mopeds and mobile phones.

[11] In June 2022, the film's title Paddington in Peru and Dougal Wilson as director were announced, with principal photography now set to begin 2023.

[14] In June, it was announced that Whishaw, Hugh Bonneville, Julie Walters, Jim Broadbent, Madeleine Harris, Samuel Joslin and Imelda Staunton were set to reprise their roles from the previous films, with Olivia Colman, Antonio Banderas, Rachel Zegler and Emily Mortimer added to the cast.

[34] In the United States and Canada, the film was released alongside Captain America: Brave New World and was projected to gross $15–17 million from 3,890 theaters in its four-day opening weekend.

The website's consensus reads: "Paddington in Peru whisks away cinema's politest bear to a fresh setting under new creative stewardship, delivering a most agreeable adventure for the whole family.

[38] Peter Bradshaw of The Guardian awarded the film 3 stars out of 5 while stating: "This Paddington threequel is a perfectly decent bet for the holidays, and never anything other than entertaining, but the gag density has thinned out and removing Paddington from Blighty, though making perfect narrative and dramatic sense, and in tune with the franchise's admirable opposition to parochialism and xenophobia, is a slightly shark-jumping move, like a special episode of a TV sitcom that takes the cast to the Costa del Sol.

"[39] During the Brand Licensing Europe 2024 convention in London, StudioCanal CEO Françoise Guyonnet and head of global sales Sissel Henno revealed that Canal+ is already working on a fourth Paddington film and a spin-off television series, given their focus to "turn a heritage brand into a global phenomenon" by delving deeper into the "ongoing journey of Paddington from a classic character to a worldwide cultural phenomenon", estimating the releases of both productions around 2027 and 2028, where the franchise would have its 70th anniversary.