Vices & Virtues is the third studio album by American pop rock band Panic! at the Disco, released on March 22, 2011, by Fueled by Ramen. Produced by John Feldmann and Butch Walker, the album was recorded as a duo by vocalist and multi-instrumentalist Brendon Urie and drummer Spencer Smith, following the departure of lead guitarist, backing vocalist and primary lyricist Ryan Ross and bassist/backing vocalist Jon Walker in July 2009.

While Walker and Ross' exit left a hole in the Panic! songwriting regime, the experience became the catalyst for Urie deciding to take over as the band's principal songwriter. The lyrics touch on themes of manipulation and confusion. Vices & Virtues took over two years to create, and the increased time in the studio brought forth new musical experimentation. The album's artwork was conceptualized by touring bassist Dallon Weekes, who was inducted as a full-time member of the band near the end of recording.

Upon release, the album received somewhat mixed, but overall positive, reviews. Critics praised the album's wide variety of musical stylings, while criticism was aimed at the compositional simplicity and Urie's verbose lyricism. Preceded by its lead single, "The Ballad of Mona Lisa", the album debuted at number seven on the Billboard 200, selling 56,000 copies within its first week.