Theotokis was born in Corfu in 1878, the son of Prime Minister Georgios Theotokis and elder brother of Prime Minister Ioannis Theotokis. He studied in Athens, Paris and Berlin and served as Greek Ambassador to Germany.
In 1920, Theotokis was elected to the Hellenic Parliament from Corfu and served in the Popular Party government of Dimitrios Gounaris as Minister of Justice and Minister of the Military. After the Asia Minor Disaster, he was put on trial along with his mentor, Dimitrios Gounaris and four others. The six men were executed in Goudi, Athens on the morning of November 28 (November 15 OS), 1922.