We present the discovery of the first L-type subdwarf, 2MASS J05325346+8246465. This object exhibits enhanced collision-induced H$_2$ absorption, resulting in blue NIR colors ($J-K_s = 0.26{pm}0.16$). In addition, strong hydride bands in the red optical and NIR, weak TiO absorption, and an optical/J-band spectral morphology similar to the L7 DENIS 0205$-$1159AB imply a cool, metal-deficient atmosphere. We find that 2MASS 0532+8246 has both a high proper motion, $mu$ = 2$farcs60pm0farcs$15 yr$^{-1}$, and a substantial radial velocity, $v_{rad} = -195{pm}11$ km s$^{-1}$, and its probable proximity to the Sun (d = 10--30 pc) is consistent with halo membership. Comparison to subsolar-metallicity evolutionary models strongly suggests that 2MASS 0532+8246 is substellar, with a mass of 0.077 $lesssim$ M $lesssim$ 0.085 M$_{sun}$ for ages 10--15 Gyr and metallicities $Z = 0.1-0.01$ $Z_{sun}$. The discovery of this object clearly indicates that star formation occurred below the Hydrogen burning mass limit at early times, consistent with prior results indicating a flat or slightly rising mass function for the lowest-mass stellar subdwarfs. Furthermore, 2MASS 0532+8246 serves as a prototype for a new spectral class of subdwarfs, additional examples of which could be found in NIR proper motion surveys.
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