The source EUVE J1429-38.0 was discovered serendipitously by the Extre
me Ultraviolet Explorer (EUVE) satellite on 1993 March 5. Optical spec
troscopy confirms a cataclysmic variable-type optical counterpart for
the source, showing Balmer, He I, and Ca emission, as well as strong H
e ir emission. The optical spectrum, the apparent high/low state behav
ior, and possible weak cyclotron humps visible in the spectrum indicat
e that this star is likely to be an AM Herculis system, but the possib
ility of being a DQ Her, or an unlocked AM Her system, cannot be exclu
ded. Analysis of the highly modulated EUVE photometry yields a period
of 2 hr 22 minutes, which we conclude is the binary orbital period. In
addition, a 57 minute period is also present. An orbital period of 2.
5 hr would make EUVE J1429-38.0 only the third known AM Her system wit
hin the cataclysmic variable period gap, all three of which were disco
vered through EUV observations.