The Fermi Large Area Telescope revealed that the extragalactic gamma-ray sky is dominated by blazars, active galactic nuclei (AGN) whose jet is seen at very small angle to the line of sight. To associate and then classify the gamma-ray sources, data have been collected from lower frequency surveys and observations. The gamma-ray source 3FGL J1323.0+2942 is associated with the radio source 4C+29.48 and classified as a blazar of unknown type, lacking optical spectrum and redshift. The higher-resolution radio data showed that 4C+29.48 comprises three bright radio-emitting features located within a ~1-diameter area. We (re-)analyzed archival Very Large Array and unpublished very long baseline interferometry (VLBI) observations conducted by the Very Long Baseline Array and the European VLBI Network of 4C+29.48. We also collected data form optical, infrared and X-ray surveys. The northernmost complex of 4C+29.48 contains a blazar with a high brightness temperature compact core and a steep-spectrum jet feature. The blazar is positionally coincident with an optical source at a redshift of 1.142. Its mid-infrared colors also support its association with a gamma-ray emitting blazar. The two other radio complexes have steep radio spectra and do not have optical or infrared counterparts in currently available surveys. Based on the radio morphology, they are unlikely to be related to the blazar. We discuss the possibilities whether the two radio features are lobes of a radio galaxy, or gravitationally lensed images of a background source. We propose to associate 3FGL J1323.0+2942 in subseque