During a recent underwater archaeological survey of the Arroyo Pesquero, members of the Proyecto Arqueológico Arroyo Pesquero discovered an extraordinary and unusual archaeological specimen made of mottled brown and white jadeite. This artifact, most likely dating to the Middle Formative period (900–400 b.c.), is significant for two reasons. Firstly, because this object is the first find discovered at the site during a systematic archaeological investigation and thus has archaeological provenience and, secondly, because of the iconographic elements it possesses and its one-of-a-kind form. This article begins with a short background on the Arroyo Pesquero site, including its discovery, history of looting, and archaeological investigations. We then briefly describe the present investigation and the discovery of the artifact itself. This is followed by a description of the artifact—its form, iconography, and its possible functions. We conclude with some comments on the specimen within the framework of Middle Formative Olmec iconography.