CaFe$_2$As$_2$ has been synthesized and found to form in the tetragonal, ThCr$_2$Si$_2$ structure with lattice parameters $a = 3.912(68) AA$ and $c = 11.667(45) AA$. Upon cooling through 170 K, CaFe$_2$As$_2$ undergoes a first order, structural phase transition to a low temperature, orthorhombic phase with a $2 - 3$ K range of hysteresis and coexistence. This transition is clearly evident in microscopic, thermodynamic and transport measurements. CaFe$_2$As$_2$ is the third member of the AFe$_2$As$_2$ (A = Ba, Sr, Ca) family to exhibit such a dramatic phase transition and is a promising candidate for studies of doping induced superconductivity.
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