We have obtained a 0"7 FWHM H image of IRAS FSC 10214ϩ4724. This image suggests FSC 10214ϩ4724 is an arc formed by a gravitational lens located 1"25 to the north. We have also obtained a coarse spectroscopic continuum of the lensing galaxy. The location and strength of a break in the continuum suggests the 4000 Å break of an early type galaxy at a redshift of 0.42 H 0.02. A galaxy 23Љ south is found to have a very similar redshift of 0.429 H 0.002.This redshift, coupled with the observed magnitude of the lensing galaxy (H ϭ 18.45 H 0.15, in a 2Љ aperture), implies the lensing galaxy has a very plausible L* luminosity and a velocity dispersion of 210 H 20 km s Ϫ1 (q 0 ϭ 0.5, h ϭ 0.5). Such a lens would produce a faint counter-arc image 1"6 H 0"2 north of the main arc. We observe such a counter-arc in our H image, indicating that FSC 10214ϩ4724 is indeed gravitationally lensed. We find that lensing by a z ϭ 0.42, 1 210 km s Ϫ1 galaxy is a viable and probable solution to both the observed morphology and uniquely large (11 ϫ 10 14 h Ϫ2 L J ) luminosity of FSC 10214ϩ4724. The true (unlensed) nature of FSC 10214ϩ4724 is likely an ultraluminous IR galaxy of 13.7 ϫ 10 12 h Ϫ2 L J .