A variable velocity pneumatic launcher including at least one chamber filled with a projectile. The launcher includes a ballast chamber filled with pressurized air 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 inside the firing chamber and ballast chamber, respectively. The rod is connected to a velocity valve which controls the rod's longitudinal movement. When the trigger is activated, 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 displace the ballast piston and allow pressurize air to be released into the upper chamber containing the projectile.