The Ring of Khajiiti (sometimes just Ring of Khajiit or Ring of the Khajiiti) is an ancient Daedric artifact, many centuries old, dating back to at least the Second Era. It is associated with two Daedric Princes, Meridia and Mephala, who have both been known to offer the Ring in return for service. It is said that the ring makes the wearer invisible, silent, and quick.
The Ring was originally owned by Mephala, until it was stolen off her arm by Rajhin, the renowned burglar who later became revered as the Thief God of the Khajiit. Using the Ring's powers, Rajhin became the most successful burglar in Elsweyr's history. It is even said that Rajhin stole a tattoo from the neck of Empress Kintyra as she slept. Eventually, after making use of its power too freely, Rajhin was abandoned by the Ring and left exposed to his enemies.
In 3E 405, the Agent of the Empire was offered the ring by Meridia in return for killing a sorcerer that broke an arrangement with her, to which the Agent agreed. In 3E 427, Mephala tasked the Nerevarine with assassinating a member of the Morag Tong who was killing without obtaining writs. In return for dealing with the rogue member, the Nerevarine was awarded the ring. In 3E 433, the Champion of Cyrodiil was tasked by Meridia to cleanse a cave of necromancers; once this was accomplished, Meridia awarded the Champion the Ring.