The leopard was spotted inside the well at Kannokkara near Vadakara by the locals around 9.30 AM and they informed the police.
A team comprising veterinarians, fire force and forest department officials launched the rescue operations.
After tranquilising the leopard, they lifted it out using a net, officials said adding it was under medical observation.
A large number of people thronged the spot to have a glimpse of the wild visitor.
As the area was about 30 kms away from nearest forest, officials are surprised as to how the leopard found its way to the village.