We present the discovery and characterisation of an eclipsing binary identified by the Next Generation Transit Survey in the ∼115 Myr old Blanco 1 open cluster. NGTS J0002-29 comprises three M dwarfs: a short-period binary and a companion in a wider orbit. This system is the first well-characterised, low-mass eclipsing binary in Blanco 1. With a low mass ratio, a tertiary companion and binary components that straddle the fully convective boundary, it is an important benchmark system, and one of only two well-characterised, low-mass eclipsing binaries at this age. We simultaneously model light curves from NGTS, TESS, SPECULOOS and SAAO, radial velocities from VLT/UVES and Keck/HIRES, and the system's spectral energy distribution. We find that the binary components travel on circular orbits around their common centre of mass in 𝑃 orb = 1.09800524 ± 0.00000038 days, and have masses 𝑀 pri = 0.3978 ± 0.0033 M and 𝑀 sec = 0.2245 ± 0.0018 M , radii 𝑅 pri = 0.4037 ± 0.0048 R and 𝑅 sec = 0.2759 ± 0.0055 R , and effective temperatures 𝑇 pri = 3372 +44 −37 K and 𝑇 sec = 3231 +38 −31 K. We compare these properties to the predictions of seven stellar evolution models, which typically imply an inflated primary. The system joins a list of 19 well-characterised, low-mass, sub-Gyr, stellar-mass eclipsing binaries, which constitute some of the strongest observational tests of stellar evolution theory at low masses and young ages.