We present the characterization of CRTS J055255.7$-$004426 (=THOR 42), a young eclipsing binary comprising two pre-main sequence M dwarfs (combined spectral type M3.5). This nearby (103 pc), short-period (0.859 d) system was recently proposed as a member of the $sim$24 Myr-old 32 Orionis Moving Group. Using ground- and space-based photometry in combination with medium- and high-resolution spectroscopy, we model the light and radial velocity curves to derive precise system parameters. The resulting component masses and radii are $0.497pm0.005$ and $0.205pm0.002$ $rm{M}_{odot}$, and $0.659pm0.003$ and $0.424pm0.002$ $rm{R}_{odot}$, respectively. With mass and radius uncertainties of $sim$1 per cent and $sim$0.5 per cent, respectively, THOR 42 is one of the most precisely characterized pre-main sequence eclipsing binaries known. Its systemic velocity, parallax, proper motion, colour-magnitude diagram placement and enlarged radii are all consistent with membership in the 32 Ori Group. The system provides a unique opportunity to test pre-main sequence evolutionary models at an age and mass range not well constrained by observation. From the radius and mass measurements we derive ages of 22-26 Myr using standard (non-magnetic) models, in excellent agreement with the age of the group. However, none of the models can simultaneously reproduce the observed mass, radius, temperature and luminosity of the coeval components. In particular, their H-R diagram ages are 2-4 times younger and we infer masses $sim$50 per cent smaller than the dynamical values.
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