Wicketkeeper-batter Pant, who was picked up by Lucknow for a tournament-record $3.21 million in the player auction before the 2025 season, was appointed team captain in January.
But the India international struggled with inconsistent form as he oversaw a dismal campaign in which Lucknow won four of their 14 matches, missing out on the IPL playoffs for the third time in a row.
Pant approached the franchise to be relieved of his captaincy duties and the team management have accepted the 28-year-old's request, Lucknow said in a statement.
"These decisions are never easy. We are grateful for everything Rishabh has brought to this dressing room as captain," said Tom Moody, the franchise's director of cricket.
"Our focus now is on the collective, rebuilding and restructuring to reach the best standards."