Shadows of the Underworld (German: Schatten der Unterwelt) is a 1931 German action film directed by and starring Harry Piel. It also features Dary Holm, Elisabeth Pinajeff and Hans Junkermann. It was made at the Terra Studios in Berlin while location shooting took place in St. Moritz in Switzerland.

The film's sets were designed by the art director Robert A. Dietrich and Emil Hasler. A separate French-language version was also released.