Plasmon induced transparency (PIT) effect in a terahertz graphene metamaterial is numerically and theoretically analyzed. The proposed metamaterial comprises of a pair of graphene split ring resonators placed alternately on both sides of a graphene strip of nanometer scale. The PIT effect in the graphene metamaterial is studied for different vertical and horizontal configurations. The simulation results reveal that the effect in the graphene metamaterial structure exhibits an entirely different behavior from that of typical metal resonator based MMs. As opposed to metal counterparts, the PIT effect vanishes when the graphene split ring resonators are placed collinear but facing in the opposite direction to each other. We have further shown that the PIT effect can be tuned by varying the Fermi energy of graphene layer. Finally, a theoretical model using coupled Lorentz oscillators is established in order to validate the numerical results. Our studies could be significant in designing graphene based tunable ultra-thin devices for terahertz applications.