In 2005, Lazier again did not have a full-time team to drive for. Lazier drove for Panther Racing at the Indianapolis 500 in the No. 95 Dallara IR03-Chevrolet. Lazier qualified for the race in 9th place, beating Panther Racing's two full-time drivers Tomáš Enge and Tomas Scheckter. On the final day of practice before the race, Carb Day, Lazier crashed in turn 4 and slid along the outside wall on the main straightaway. Lazier was not injured in the crash and the car was repaired by race day. Prior to the race the team acquired Jiffy Lube as an additional primary sponsor on the car. Lazier ran in the top 10 for most of the race, despite Scott Sharp making contact with Lazier's car earlier in the race, damaging the front wing. Lazier continued in the race and passed Sébastien Bourdais for 5th place, just before Bourdais crashed out of the race.