The 14th International 500-Mile Sweepstakes Race was held at the Indianapolis Motor Speedway on Monday, May 31, 1926. Louis Chevrolet drove the Chrysler pace car for the start.

Rain halted the race at lap 72, and officials waited for the track to dry out. The race was resumed over an hour later. Rain fell again, and the race was called at the 400 mile mark (160 laps).

Rookie Frank Lockhart moved up from 20th to fifth by lap 5, having had passed 14 cars on that lap alone. He moved up to second on Lap 16. After the rain delay, Lockhart and Dave Lewis battled for the lead for about 20 laps, until Lewis dropped out. Lockhart stretched out a two-lap lead when the race was called, and he was declared the winner. It was the first rain-shortened race in "500" history, and Lockhart was the fourth rookie to win the race. Lockhart may have actually completed as many as 163 laps (407.5 miles), but official scoring results reverted to the completion of lap 160.

Four-lap (10 mile) qualifying runs were utilized. Earl Cooper won the pole position. Frank Lockhart set a new 1-lap track record during his first attempt at 115.488 mph, but the run was aborted after a tire failure on the second lap. He later blew an engine during another attempt, and finally put a car in the field 20th on the grid.

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