V341 Arae is a 10th-magnitude variable star in the southern hemisphere, discovered over a century ago by Henrietta Leavitt but relatively little studied since then. Although historically considered to be a Cepheid, it is actually blue and coincides with an X-ray source. The star lies near the edge of the large, faint Halpha nebula Fr 2-11, discovered by D. Frew, who showed that V341 Ara is actually a cataclysmic variable (CV). His deep imaging of the nebula revealed a bow-shock morphology in the immediate vicinity of the star. We have carried out spectroscopic monitoring of V341 Ara, and we confirm that it is a nova-like CV, with an orbital period of 0.15216 days (3.652 hr). We show that V341 Ara is remarkably similar to the previously known BZ Cam, a nova-like CV with a nearly identical orbital period, associated with the bow-shock nebula EGB 4. Archival sky-survey photometry shows that V341 Ara normally varies between V ~ 10.5 and 11, with a characteristic timescale ranging from about 10 to 16 days. V341 Ara lies well off-center within Fr 2-11. We speculate either that the star is undergoing a chance high-speed encounter with a small interstellar cloud, or that the nebula was ejected from the star itself in a nova outburst in the fairly distant past. At a distance of only 156 pc, V341 Ara is one of the nearest and brightest known nova-like variables, and we encourage further studies.
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