We have measured the precise position of the 38-s eclipsing X-ray pulsar OAO 1657-415 with the Chandra X-Ray Observatory: RA = 17h00m48.90s, Dec = -41d39m21.6s, equninox J2000, error radius = 0.5 arcsec. Based on the previously measured pulsar mass function and X-ray eclipse duration, this 10.4-d high-mass X-ray binary is believed to contain a B supergiant companion. Deep optical imaging of the field did not detect any stars at the Chandra source position, setting a limit of V>23. However, near-IR imaging revealed a relatively bright star (J=14.1, H=11.9, K_s=10.7) coincident with the Chandra position, and we identify this star as the IR counterpart of OAO 1657-415. The IR colors and magnitudes and the optical non-detections for this star are all consistent with a highly reddened B supergiant (A_V= 20.4 +/- 1.3) at a distance of 6.4 +/- 1.5 kpc. This implies an X-ray luminosity of 3e36 erg/s (2-10 keV). IR spectroscopy can verify the spectral type of the companion and measure its radial velocity curve, yielding a neutron star mass measurement.
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