We present spectroscopic and imaging observations of a candidate optic
al Einstein ring. The deflector is a luminous early-type galaxy, M(BT)
= -20.9 + 5logh (q(0) = 0.1), at redshift z = 0.485. Superposed on th
e otherwise normal optical spectrum of the galaxy is a strong emission
feature at 5588 Angstrom. No other emission lines are evident over th
e wavelength range lambda lambda 4456-7912 Angstrom. Narrow-band imagi
ng of the system at the emission-line wavelength reveals a semicircula
r are, radius r = 1.35 arcsec, centred on the peak of the galaxy surfa
ce brightness distribution. The properties of the system can be reprod
uced by a gravitational lens model in which the deflector has a consta
nt mass-to-light ratio (corrected for evolution) of M/L(B(0)) similar
to 20h and the source is an intrinsically small, but resolved, object
at high redshift, either at z = 3.597 (if the line is Lya lambda 1216)
, or at z = 2.607 (if the line is C IV lambda 1549). Alternatives to t
he lensing explanation, in which the emission feature is associated wi
th [O II] lambda 3727, with a velocity difference of 2900 km s(-1) rel
ative to the absorption-line redshift of the galaxy, appear to be extr
emely improbable. Unambiguous identification of the system as a gravit
ational lens requires the detection of a second emission line, and wou
ld confirm the system as the first Einstein ring to be discovered in t
he optical.