Classical 1/4 BPS configurations consist of 1/2 BPS dyons which are positioned by competing static forces from electromagnetic and Higgs sectors. These forces do not follow the simple inverse square law, but can be encoded in some low energy effective potential between fundamental monopoles of distinct types. In this paper, we find this potential, by comparing the exact 1/4 BPS bound from a Yang-Mills field theory with its counterpart derived from low energy effective dynamics of monopoles. Our method is generalized to arbitrary gauge groups and to arbitrary BPS monopole/dyon configurations. The resulting effective action for 1/4 BPS states is written explicitly, and shown to be determined entirely by the geometry of multi-monopole moduli spaces. We also explore its natural supersymmetric extension.

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