The 1998–99 Indiana Pacers season was Indiana's 23rd season in the NBA and 32nd season as a franchise. The Pacers entered the season as a heavy favorite, because Michael Jordan retired and other members of the Chicago Bulls were broken up by their management. During the offseason, the team signed free agent Sam Perkins, who played in the 1991 NBA Finals with the Los Angeles Lakers, and the 1996 NBA Finals with the Seattle SuperSonics. After a four-month lockout, the Pacers won the Central Division with a record of 33 wins and 17 losses.

In the playoffs, the Pacers swept the Milwaukee Bucks 3–0 in the first round, and the Philadelphia 76ers 4–0 in the semifinals. The Pacers advanced to the Eastern Conference Finals for the second consecutive season, and the fourth time in six seasons. Once again, the Pacers were up against the New York Knicks. Despite being the 8th-seeded team in the Eastern Conference, the Knicks upset the Pacers in six games to reach the NBA Finals for the second time in six seasons. It was also the final season the Pacers played at Market Square Arena, moving to the Conseco Fieldhouse the following season. Also following the season, Antonio Davis was traded to the Toronto Raptors.

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