We present photometric and spectroscopic follow-up observations of the highly luminous Type Ibn supernova ASASSN-14ms, which was discovered on UT 2014-12-26.61 at $m_V sim 16.5$. With a peak absolute $V$-band magnitude brighter than $-20.5$, a peak bolometric luminosity of $1.7 times 10^{44}$ ergs s$^{-1}$, and a total radiated energy of $2.1 times 10^{50}$ ergs, ASASSN-14ms is one of the most luminous Type Ibn supernovae yet discovered. In simple models, the most likely power source for this event is a combination of the radioactive decay of $^{56}$Ni and $^{56}$Co at late times and the interaction of supernova ejecta with the progenitors circumstellar medium at early times, although we cannot rule out the possibility of a magnetar-powered light curve. The presence of a dense circumstellar medium is indicated by the intermediate-width He I features in the spectra. The faint ($m_g sim 21.6$) host galaxy SDSS J130408.52+521846.4 has an oxygen abundance below $12+log(O/H) lesssim 8.3$, a stellar mass of $M_* sim 2.6 times 10^8 M_{odot}$, and a star formation rate of $textrm{SFR} sim 0.02$ $M_{odot}$ yr$^{-1}$.
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