The 29th International 500-Mile Sweepstakes Race was held at the Indianapolis Motor Speedway on Friday, May 30, 1941. The start of the race was delayed due to a fire that swept through the garage area on race morning. No persons were injured, but one car in the field was destroyed. The race rolled off with only 31 cars, and ran to its scheduled distance. This would be the final "500" prior to the United States involvement in WWII. It was not known at the time, but it would be the final race organized by Speedway president Eddie Rickenbacker, and due to the war, the race would not be held again until 1946.

Edward Vernon Rickenbacker was an American fighter pilot in World War I and a Medal of Honor recipient. With 26 aerial victories, he was the most successful and most decorated United States flying ace of the war. He was also a racing driver, an automotive designer, and a long-time head of Eastern Air Lines.