We have investigated the nature of the variability of CHS7797, an unusual periodic variable in the Orion Nebula Cluster. An extensive I-band photometric data set of CHS7797 was compiled between 2004-2010 using various telescopes. Further optical data have been collected in R and z bands. In addition, simultaneous observations of the ONC region including CHS7797 were performed in the I, J, Ks and IRAC [3.6] and [4.5] bands over a time interval of about 40d. CHS7797 shows an unusual large-amplitude variation of about 1.7 mag in the R, I, and z bands with a period 17.786. The amplitude of the brightness modulation decreases only slightly at longer wavelengths. The star is faint during 2/3 of the period and the shape of the phased light-curves for seven different observing seasons shows minor changes and small-amplitude variations. Interestingly, there are no significant colour-flux correlations for wavelengths smaller than 2microns, while the object becomes redder when fainter at longer wavelengths. CHS7797 has a spectral type of M6 and an estimated mass between 0.04-0.1Msun. The analysis of the data suggests that the periodic variability of CHS7797 is most probably caused by an orbital motion. Variability as a result of rotational brightness modulation by spots is excluded by the lack of any color-brightness correlation in the optical. The latter indicates that CHS7797 is most probably occulted by circumstellar matter in which grains have grown from typical 0.1 microns to 1-2 micron sizes. We discuss two possible scenarios in which CHS7797 is periodically eclipsed by structures in a disc, namely that CHS7797 is a single object with a circumstellar disc, or that CHS7797 is a binary system, similar to KH15D, in which an inclined circumbinary disc is responsible of the variability. Possible reasons for the typical 0.3mag variations in I-band at a given phase are discussed.
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