A variable velocity pneumatic launcher including at least one chamber filled with a projectile. The launcher includes a ballast chamber filled with pressurized air selectively released to propel a projectile from the launcher's barrel. The launcher includes a firing chamber filled with ambient air and a ballast chamber filled with pressurized air. A piston rod extends between the chambers and attaches to a firing piston and a ballast piston located inside the firing chamber and ballast chamber, respectively. The rod is connected to an adjustable velocity valve which controls the amount of longitudinal movement of the rod. When the trigger is activated, a portion of the pressurized air from the ballast chamber is delivered to the firing chamber. Because the surface area of the firing piston is greater than the ballast piston's surface area, the force exerted on the firing piston is sufficient to shift or displace the ballast piston and allow pressurize air to be released into the upper chamber containing the projectile.