While performing a survey to detect recoiling supermassive black holes, we have identified an unusual source having a projected offset of 800 pc from a nearby dwarf galaxy. The object, SDSS J113323.97+550415.8, exhibits broad emission lines and strong variability. While originally classified as a supernova (SN) because of its nondetection in 2005, we detect it in recent and past observations over 63 yr and find over a magnitude of rebrightening in the last 2 years. Using high-resolution adaptive optics observations, we constrain the source emission region to be 12 pc and find a disturbed host-galaxy morphology indicative of recent merger activity. Observations taken over more than a decade show narrow [O III] lines, constant ultraviolet emission, broad Balmer lines, a constant putative black hole mass over a decade of observations despite changes in the continuum, and optical emission-line diagnostics consistent with an active galactic nucleus (AGN). However, the optical spectra exhibit blueshifted absorption, and eventually narrow Fe II and [Ca II] emission, each of which is rarely found in AGN spectra. While this peculiar source displays many of the observational properties expected of a potential black hole recoil candidate, some of the properties could also be explained by a luminous blue variable star (LBV) erupting for decades since 1950, followed by a Type IIn SN in 2001. Interpreted as an LBV followed by a SN analogous to SN 2009ip, the multi-decade LBV eruptions would be the longest ever observed, and the broad Hα emission would be the most luminous ever observed at late times (> 10 yr), larger than that of unusually luminous supernovae such as SN 1988Z, suggesting one of the most extreme episodes of pre-SN mass loss ever discovered.