The TV ad, entitled "can fu", marks a dramatic departure from the soft drink's recent fondness for big names and stadia locations.
Instead, it spoofs Crouching Tiger, Hidden Dragon, drawing on bunraku, the Japanese art of deception.
The ad opens on a man lying on his sofa with a can of Pepsi Max. A protagonist attempts to steal it and a scene involving flying limbs and unbelievable stunts ensues.
Gradually, it becomes apparent that a team of puppeteers, camouflaged in black clothing, is working with the fighters to effect the sequence of extraordinary stunts.
The ad closes on one of the puppeteers removing her mask and drinking the Pepsi. The endline reads: "Maximum taste, no sugar."
The ad was written by Stephen Moss and art directed by Jolyon Finch.
Media planning and buying for the campaign was handled by MindShare.
The ad, which targets young adults, breaks in cinemas on Friday. It will appear on television from 21 August and will be supported by six-sheet posters.
An online version of the ad, complete with behind-the-scenes additional footage, will be accessible online at www.pepsimax.com from 13 August.