A thrust reverser for a turbojet engine comprising displaceable downstream baffles (2) which are integrated into the outer wall of the annular bypass-flow duct so as to form the downstream end of the exhaust nozzle of the turbojet engine during the operation of the turbojet engine in a forward-thrust mode is provided. When in a thrust-reversal mode, the downstream baffles (2) are positioned so as to deflect the bypass flow and obtain thrust reversal. The baffles (2) are pivotably mounted on stationary pivots (10) and have at least one associated displacement mechanism (6, 7) for driving the baffles (2). Each downstream baffle (2) has an associated displaceable inner panel (13). Each baffle (2) and the associated inner panel (13) are driven through different angular displacements by the at least one associated displacement mechanism (6, 7), which is common to the baffle (2) and the associated inner panel (13), to change between the forward-thrust mode and the thrust-reversal mode. The at least one associated displacement mechanism (6, 7) is preferably mounted in a stationary manner on a stationary structure of the thrust reverser.