We report the discovery of a new diluted magnetic semiconductor, Li(Zn,Mn)P, in which charge and spin are introduced independently via lithium off-stoichiometry and the isovalent substitution of Mn2+ for Zn2+, respectively. Isostructural to (Ga,Mn)As, Li(Zn,Mn)P was found to be a p-type ferromagnetic semiconductor with excess Lithium providing charge doping. First principles calculations indicate that excess Li is favored to partially occupy the Zn site, leading to hole doping. Ferromagnetism is mediated in semiconducting samples of relative low mobile carriers with a small coercive force, indicating an easy spin flip.