We announce the discovery of a new eclipsing hot subdwarf B + M dwarf binary, EC 10246-2707, and present multi-colour photometric and spectroscopic observations of this system. Similar to other HW Vir-type binaries, the light curve shows both primary and secondary eclipses, along with a strong reflection effect from the M dwarf; no intrinsic light contribution is detected from the cool companion. The orbital period is 0.1185079936 +/- 0.0000000009 days, or about three hours. Analysis of our time-series spectroscopy reveals a velocity semi-amplitude of K_1 = 71.6 +/- 1.7 km/s for the sdB and best-fitting atmospheric parameters of Teff = 28900 +/- 500 K, log g = 5.64 +/- 0.06, and log[N(He)/N(H)] = -2.5 +/- 0.2. Although we cannot claim a unique solution from modeling the light curve, the best-fitting model has an sdB mass of 0.45 Msun and a cool companion mass of 0.12 Msun. These results are roughly consistent with a canonical-mass sdB and M dwarf separated by a ~ 0.84 Rsun. We find no evidence of pulsations in the light curve and limit the amplitude of rapid photometric oscillations to < 0.08%. Using 15 years of eclipse timings, we construct an O-C diagram but find no statistically significant period changes; we rule out |P-dot| > 7.2 x 10^(-12). If EC 10246-2707 evolves into a cataclysmic variable, its period should fall below the famous CV period gap.
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