The Indian Ocean Region (IOR) has emerged as a crucial geopolitical chessboard, attracting the attention of major global and regional powers. At the heart of this evolving dynamic lies the Maldives, an archipelagic nation strategically positioned along critical Sea Lines of Communication (SLOCs). This paper examines the intricate and often fluctuating relationship between India and the Maldives, specifically through the lens of China's burgeoning influence in the IOR. Historically, India has been the primary security provider and development partner for the Maldives, fostering deep cultural, economic, and strategic ties. However, China's "String of Pearls" strategy, characterized by significant infrastructure investments and growing diplomatic engagement, has introduced a new dimension to Maldivian foreign policy, leading to periods of discernible tilt towards Beijing. This paper analyses the historical evolution of India-Maldives relations, identifies the drivers and manifestations of China's growing presence, and explores the implications of this triangular dynamic for regional stability and India's security interests. It argues that while the Maldives seeks to maximize its strategic autonomy by balancing the influence of both regional giants, the increasing assertiveness of China poses a persistent challenge to India's traditional preeminence and necessitates a nuanced, robust, and adaptive foreign policy approach from New Delhi.