As a consequence of intense investigation on possible topologies of periodic lattices, the limit of specific elastic moduli that can be achieved solely through unit cell-level geometries in artificially engineered lattice-based materials has reached a point of saturation. There exists a robust rationale to involve more elementary-level mechanics for pushing such boundaries further to develop extreme lightweight multi-functional materials with adequate stiffness. We propose a novel class of inflatable lattice materials where the global-level stiffness can be derived based on a fundamentally different mechanics compared with conventional lattices having beam-like solid members, leading to extreme specific stiffness due to the presence of air in most of the lattice volume. Furthermore, such inflatable lattices would add multi-functionality in terms of on-demand performances such as compact storing, portability and deployment along with active stiffness modulation as a function of air pressure. We have developed an efficient unit cell-based analytical approach therein to characterize the effective elastic properties including the effect of non-rigid joints. The proposed inflatable lattices would open new frontiers in engineered materials and structures that will find critical applications in a range of technologically demanding industries such as aircraft structures, defence, soft robotics, space technologies, biomedical and various other mechanical systems.