We present the results of a five-dimensional resonant amplitude analysis of the Λc+→pK−π+ system based on 946±38 reconstructed decays. These data were produced in 500 GeV/cπ−-N interactions by Fermilab experiment E791. We report measurements of the amplitudes for Λc+ decay into nonresonant pK−π+ and to pKˉ∗0(890), Δ++(1232)K−, and Λ(1520)π+ and we comment on other possible resonant enhancements. This is the first complete amplitude analysis of the Λc+→pK−π+ system. We find that (54.8±5.5±3.5)% of the decays are nonresonant, (19.5±2.6±1.8)% of the decays are via the Kˉ∗0 resonance, (18.0±2.9±2.9)% of the decays are via the Δ++ resonance, and (7.7±1.8±1.1)% of the decays are via the Λ(1520) resonance. We find evidence for an increasingly negative polarization of the Λc+ baryons as a function of pT2, in agreement with a recent model\cite{dha} and with a related measurement\cite{jez}.