The intermediate polar FO Aquarii (FO Aqr) experienced its first-reported low-accretion states in 2016, 2017, and 2018, and using newly available photographic plates, we identify pre-discovery low states in 1965, 1966, and 1974. The primary focus of our analysis, however, is an extensive set of time-series photometry obtained between 2002 and 2018, with particularly intensive coverage of the 2016-2018 low states. After computing an updated spin ephemeris for the white dwarf (WD), we show that its spin period began to increase in 2014 after having spent 27 years decreasing; no other intermediate polar has experienced a sign change of its period derivative, but FO Aqr has now done so twice. Our central finding is that the recent low states all occurred shortly after the WD began to spin down, even though no low states were reported in the preceding quarter-century, when it was spinning up. Additionally, the systems mode of accretion is extremely sensitive to the mass-transfer rate, with accretion being almost exclusively disk-fed when FO Aqr is brighter than V~14 and substantially stream-fed when it is not. Even in the low states, a grazing eclipse remains detectable, confirming the presence of a disk-like structure (but not necessarily a Keplerian accretion disk). We relate these various observations to theoretical predictions that during the low state, the systems accretion disk dissipates into a non-Keplerian ring of diamagnetic blobs. Finally, a new XMM-Newton observation from a high state in 2017 reveals an anomalously soft X-ray spectrum and diminished X-ray luminosity compared to pre-2016 observations.
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