We report on the results of a ∼40 d multi-wavelength monitoring of the Be X-ray binary system IGR J05007-7047 (LXP 38.55). During that period the system was monitored in the X-rays using the Swift telescope and in the optical with multiple instruments. When the Xray luminosity exceeded 10 36 erg s −1 we triggered an XMM-Newton ToO observation. Timing analysis of the photon events collected during the XMM-Newton observation reveals coherent X-ray pulsations with a period of 38.551 (3) s (1σ), making it the 17 th known high-mass Xray binary pulsar in the LMC. During the outburst, the X-ray spectrum is fitted best with a model composed of an absorbed power law (Γ = 0.63) plus a high-temperature black-body (kT ∼ 2 keV) component. By analysing ∼ 12 yr of available OGLE optical data we derived a 30.776(5) d optical period, confirming the previously reported X-ray period of the system as its orbital period. During our X-ray monitoring the system showed limited optical variability while its IR flux varied in phase with the X-ray luminosity, which implies the presence of a disk-like component adding cooler light to the spectral energy distribution of the system.