A plasma loudspeaker is a transducer that produces sound by means of an ionized gas channel rather than the voice coil of a conventional loudspeaker. Plasma loudspeakers characteristically have a flat frequency response at the higher acoustic frequencies because of their ‘‘massless’’ membrane; however, their low‐frequency response is limited. In this article, a comprehensive model for the electrical and thermodynamic operation of the electrical discharge is presented that explains the frequency‐dependent behavior of the discharge’s electrical impedance and acoustic response. The characteristic acoustic frequency response is shown to result from a spatial variation of the temperature relaxation time throughout the plasma channel due to the temperature dependence of that time constant. To support the model, electrical and sound‐pressure level measurements in helium, argon, and air are presented.