Asteroid (3200) Phaethon is a remarkable Near Earth Asteroid (NEA). It was the first asteroid associated with a meteor shower, namely the Geminid stream1. Phaethon's unusual orbit has a high inclination and a very low perihelion distance (0.14 AU). Its reflectance spectrum suggests a connection with primitive meteorites, best fitting with CI/CM carbonaceous chondrites2, aqueously altered and rich in hydrated silicates. However, its origin is not well determined. Recent studies suggest a connection with the population of main-belt comets3, classifying Phaethon as an activated asteroid. Here we show that the most likely source of Phaethon and the Geminids is the asteroid (2) Pallas, one of the largest asteroids in the main belt, which is surrounded by a collisional family, containing several Phaethon-sized objects. Pallas’ highly inclined orbit and surface composition, also primitive and with evidence of hydration4, support this connection. Our analysis reveals a striking similarity between Phaethon's visual spectrum and those of Pallas family members. Moreover, our numerical simulations show the existence of a robust dynamical pathway, connecting the orbital neighborhood of Pallas with that of Phaethon. In this respect, the Pallas family may constitute a source of primitive NEAs. (The author gratefully acknowledges support from the Spanish "Ministerio de Ciencia e Innovación" projects AYA2005-07808-C03-02 and AYA2008-06202-C03-02.) References 1. Whipple, F. L. 1983, IAU Circular, 3881 2. Licandro, J., Campins, H., Mothe-Diniz, T., Pinilla-Alonso, N. & de Leon, J. 2007, Astron. Astrophys. 461, 751-757 3. Hsieh, H. H., & Jewitt, D. 2006, Science, 312, 561-563 4. Rivkin, A. S., Howell, E. S., Vilas, F. & Lebofsky, L. A. in Asteroids III (eds Bottke, W. F., Cellino, A., Paolicchi, P. & Binzel, R. P.) 235-253 (Univ. Arizona Press, 2002).