No pun intended - especially when it comes to the catching the bad guy business. There is a twist towards the end - although I am not sure, if movie savvy audiences today would really be caught being surprised. The one thing you have to get over with, is how incredible ... let's call them gullible the people are who are after Fantomas! I would not really say he is that clever - maybe he is though, but they make it easy for him too.
But that is where the comedy comes from I guess. You have to suspend your disbelief and let Luis and the others work their magic. In the previous entry Luis even had a gadget. Almost Bond like .. even if that makes no sense, but it was fun to see. As impractical as his hands up thing was ... although: if he only was as clever as he was good at shooting ... I assume if someone would break down scenes of him holding the gun and shooting ... I'm certain they would not be too fond of his ... let's call it technique. Still this is the last entry ... for some reason. And maybe the conclusion works for you or it doesn't ... but it is what it is. And you can always go back and revisit the movie. Just suspend your disbelief before you do that.