We have obtained a 0.''7 FWHM H image of IRAS FSC 10214+4724. This image suggests FSC 10214+4724 is an are formed by a gravitational lens located 1.''25 to the north. We have also obtained a coarse spectroscopic continuum of the lensing galaxy. The location and strength of a break in the continuum suggests the 4000 Angstrom break of an early type galaxy at a redshift of 0.42+/-0.02. A galaxy 23'' south is found to have a very similar redshift of 0.429+/-0.002. This redshift, coupled with the observed magnitude of the lensing galaxy (H=18.45+/-0.15, in a 2'' aperture), implies the lensing galaxy has a very plausible L* luminosity and a velocity dispersion of 210+/-20 km s(-1) (q(0)=0.5, h=0.5). Such a lens would produce a faint counter-are image 1.''6+/-0.''2 north of the main are. We observe such a counter-are in our H image, indicating that FSC 10214+4724 is indeed gravitationally lensed. We find that lensing by a z=0.42, sigma similar to 210 km s(-1) galaxy is a viable and probable solution to both the observed morphology and uniquely large (similar to 1x10(14) h(-2) L.) luminosity of FSC 10214+4724. The true (unlensed) nature of FSC 10214+4724 is likely an ultraluminous IR galaxy of similar to 3.7x10(12) h(-2) L..