"Pancho and Lefty" is a song written by the singer-songwriter Townes Van Zandt. Van Zandt first recorded it for his 1972 album, The Late Great Townes Van Zandt. Emmylou Harris then covered the song for her 1977 album, Luxury Liner and the song became a number one country hit in 1983 when Merle Haggard and Willie Nelson adopted it as the title track of their duet album Pancho & Lefty.

The song tells the story of a Mexican bandit named Pancho and a more enigmatic character, Lefty. The song tells of Pancho's death and implies that he was betrayed by his associate Lefty who was paid off by the Mexican federales.

Although the lyrics are not exactly reconcilable with the historic details of the life and death of the famous Mexican revolutionary Pancho Villa, he does not rule out the idea. In an interview, Van Zandt recalled, "I realize that I wrote it, but it's hard to take credit for the writing, because it came from out of the blue. It came through me and it's a real nice song, and I think, uh, I've finally found out what it's about. I've always wondered what it's about. I kinda always knew it wasn't about Pancho Villa, and then somebody told me that Pancho Villa had a buddy whose name in Spanish meant 'Lefty.' I know that's strange, huh? But in the song, my song, Pancho gets hung. 'They only let him hang around out of kindness I suppose' and the real Pancho Villa was, uh, assassinated." In the same interview he explained that the song was "maybe" about two policemen who stopped him outside of Brenham, Texas on the way to a scheduled performance.

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