We have serendipitously discovered an extremely lithium-rich star on the red giant branch of the globular cluster M3 (NGC 5272). An echelle spectrum obtained with the Keck I HIRES reveals a Li I 6707 Angstrom resonance doublet of 520 milli-Angstrom equivalent width, and our analysis places the star among the most Li-rich giants known: log[epsilon(Li)] ~= +3.0. We determine the elemental abundances of this star, IV-101, and three other cluster members of similar luminosity and color, and conclude that IV-101 has abundance ratios typical of giants in M3 and M13 that have undergone significant mixing. We discuss mechanisms by which a low-mass star may be so enriched in Li, focusing on the mixing of material processed by the hydrogen-burning sh...