We formulate a quantum generalization of the notion of the group of Riemannian isometries for a compact Riemannian manifold, by introducing a natural notion of smooth and isometric action by a compact quantum group on a classical or noncommutative manifold described by spectral triples, and then proving the existence of a universal object (called the quantum isometry group) in the category of compact quantum groups acting smoothly and isometrically on a given (possibly noncommutative) manifold satisfying certain regularity assumptions. The idea of ‘quantum families’ (due to Woronowicz and Soltan) are relevant to our construction. A number of explicit examples are given and possible applications of our results to the problem of constructing quantum group equivariant spectral triples are discussed.