The Kitaev model is a rare example of an analytically solvable and physically instantiable Hamiltonian yielding a topological quantum spin liquid ground state. Here we report signatures of Kitaev spin liquid physics in the honeycomb magnet $Li_3Co_2SbO_6$, built of high-spin $it{d^7}$ ($Co^{2+}$) ions, in contrast to the more typical low-spin $it{d^5}$ electron configurations in the presence of large spin-orbit coupling. Neutron powder diffraction measurements, heat capacity, and magnetization studies support the development of a long-range antiferromagnetic order space group of $it{C_C}2/it{m}$, below $it{T_N}$ = 11 K at $it{mu_0H}$ = 0 T. The magnetic entropy recovered between $it{T}$ = 2 K and 50 K is estimated to be 0.6Rln2, in good agreement with the value expected for systems close to a Kitaev quantum spin liquid state. The temperature-dependent magnetic order parameter demonstrates a $beta$ value of 0.19(3), consistent with XY anisotropy and in-plane ordering, with Ising-like interactions between layers. Further, we observe a spin-flop driven crossover to ferromagnetic order with space group of $it{C}2/it{m}$ under an applied magnetic field of $it{mu_0H}$ $approx$ 0.7 T at $it{T}$ = 2 K. Magnetic structure analysis demonstrates these magnetic states are competing at finite applied magnetic fields even below the spin-flop transition. Both the $it{d^7}$ compass model, a quantitative comparison of the specific heat of $Li_3Co_2SbO_6$, and related honeycomb cobaltates to the anisotropic Kitaev model further support proximity to a Kitaev spin liquid state. This material demonstrates the rich playground of high-spin $it{d^7}$ systems for spin liquid candidates, and complements known $it{d^5}$ Ir- and Ru-based materials.
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