We show that axions interacting with Abelian gauge fields obtain a potential from loops of magnetic monopoles. This is a consequence of the Witten effect: the axion field causes the monopoles to acquire an electric charge and alters their energy spectrum. The axion potential can also be understood as a type of instanton effect due to a Euclidean monopole worldline winding around its dyon collective coordinate. We calculate this effect, which has features in common with both non-Abelian instantons and Euclidean brane instantons. To provide consistency checks, we argue that this axion potential vanishes in the presence of a massless charged fermion and that it is robust against the presence of higher-derivative corrections in the effective Lagrangian. Finally, as a first step toward connecting with particle phenomenology and cosmology, we discuss the regime in which this potential is important in determining the dark matter relic abundance in a hidden sector containing an Abelian gauge group, monopoles, and axions.