We present the discovery of an exceptional dimming event in a cool supergiant star in the Local Volume spiral M51. The star, dubbed M51-DS1, was found as part of a Hubble Space Telescope (HST ) search for failed supernovae. The supergiant, which is plausibly associated with a very young ( 6 Myr) stellar population, showed clear variability (amplitude ∆F 814W ≈ 0.7 mag) in numerous HST images obtained between 1995 and 2016, before suddenly dimming by > 2 mag in F 814W sometime between late 2017 and mid-2019. In follow-up data from 2021, the star rebrightened, ruling out a failed supernova. Prior to its near-disappearance, the star was luminous and red (M F 814W −7.6 mag, F 606W − F 814W = 1.9-2.2 mag). Modelling of the pre-dimming spectral energy distribution of the star favors a highly reddened, very luminous (log[L/L ] = 5.4-5.7) star with T eff ≈3700-4700 K, indicative of a cool yellow-or post-red supergiant with an initial mass of ≈ 26-40 M . However, the local interstellar extinction and circumstellar extinction are uncertain, and could be lower: the near-IR colors are consistent with a red supergiant, which would be cooler (T eff 3700 K) and slightly less luminous (log[L/L ] = 5.2-5.3), giving an inferred initial mass of ≈ 19-22 M . In either case, the dimming may be explained by a rare episode of enhanced mass loss that temporarily obscures the star, potentially a more extreme counterpart to the 2019-2020 "Great Dimming" of Betelgeuse. Given the emerging evidence that massive evolved stars commonly exhibit variability that can mimic a disappearing star, our work highlights a substantial challenge in identifying true failed supernovae.