We report the discovery of the transient ultraluminous X-ray source (ULX) CXOU J122602.3+125951 (hereafter M86 tULX-1), located 352 (19 kpc) northwest of the centre of the giant elliptical galaxy M86 (NGC 4406) in the Virgo Cluster. The spectrum of M86 tULX-1 can be fit by a power-law plus multicolour-disc model with a 1.0 [+0.8 -2.6] index and an 0.66 [+0.17 -0.11] keV inner-disc temperature, or by a power law with a 1.86 +/- 0.10 index. For an isotropically emitting source at the distance of M86, the luminosity based on the superposition of spectral models is (5 +/- 1) x 10^39 erg/s. Its relatively hard spectrum places M86 tULX-1 in a hitherto unpopulated region in the luminosity-disc temperature diagram, between other ULXs and the (sub-Eddington) black-hole X-ray binaries. We discovered M86 tULX-1 in an archival 148-ks 2013 July Chandra observation, and it was not detected in a 20-ks 2016 May Chandra observation, meaning it faded by a factor of at least 30 in three years. Based on our analysis of deep optical imaging of M86, it is probably not located in a globular cluster. It is the brightest ULX found in an old field environment unaffected by recent galaxy interaction. We conclude that M86 tULX-1 may be a stellar-mass black hole of ~30 - 100 M_Sun with a low-mass giant companion, or a transitional object in a state between the normal stellar-mass black holes and the ultraluminous state.
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