We report on the remarkable evolution in the light curve of a variable star discovered by Hubble (1926) in M33 and classified by him as a Cepheid. Early in the 20th century, the variable, designated as V19, exhibited a 54.7 day period, an intensity-weighted mean B magnitude of 19.59+/-0.23 mag, and a B amplitude of 1.1 mag. Its position in the P-L plane was consistent with the relation derived by Hubble from a total of 35 variables. Modern observations by the DIRECT project show a dramatic change in the properties of V19: its mean B magnitude has risen to 19.08 +/- 0.05 mag and its B amplitude has decreased to less than 0.1 mag. V19 does not appear to be a classical (Population I) Cepheid variable at present, and its nature remains a mystery. It is not clear how frequent such objects are nor how often they could be mistaken for classical Cepheids.

Accepted for publication in the Astrophysical Journal Letters. Finding charts and photometry data can be downloaded from http://cfa-www.harvard.edu/~kstanek/DIRECT/