We report on the discovery of a highly luminous, broad absorption line quas
ar at a redshift of z = 3.87, which is positionally coincident, within 1 ",
with the IRAS Faint Source Catalog source F08279+5255. A chance alignment
of the quasar and the IRAS source is extremely unlikely, and we argue that
the optical and far-infrared flux are different manifestations of the same
object. With an R-band magnitude of 15.2 and an IRAS 60 mu m flux of 0.51 J
y, APM 08279 + 5255 is (apparently) easily the most intrinsically luminous
object known, with L-Bol similar to 5 x 10(15) L-.. Optical CCD photometry
of the system, taken in good seeing, shows evidence that the system is slig
htly elongated. Although these data are consistent with the superposition o
f the quasar on a vastly luminous galaxy, we argue that a more likely scena
rio is that the optical image implies the presence: of two unresolved point
sources. Such a configuration suggests that gravitational lensing may play
a significant role in amplifying the intrinsic properties of the system. P
oint-spread function fitting of two discrete sources gives a separation of
similar to 0." 4 and an intensity ratio similar to 1.1. The optical spectru
m of the quasar clearly reveals the presence of three potential lensing gal
axies, Mg II absorption systems at z = 1.18 and z = 1.81, and a damped Ly a
lpha absorption system at z = 3.07. Additional, as yet unseen, lensing gala
xies may also be present. We estimate the total amplification of the optica
l component to be approximate to 40 but, owing to the larger scale of the e
mitting region, would expect the infrared amplification to be significantly
less. Even making the conservative assumption that all wavelengths are amp
lified by a factor 40, APM 08279 + 5255 still possesses a phenomenal lumino
sity of greater than or similar to 10(14) L-., indicating that it belongs t
o a small but significant population of high-redshift, hyperluminous object
s with copious infrared emission.