We present an image of the redshift 2.3 IRAS source FSC10214+4724 at 0.8 microns obtained with the HST WFPC2 Planetary Camera. The source appears as an unresolved (< 0.06) arc 0.7 long, with significant substructure along its length. The arc is centered near an elliptical galaxy 1.18 to the north. An unresolved component 100 times fainter than the arc is clearly detected on the opposite side of this galaxy. The most straightforward interpretation is that FSC 10214+4724 is gravitationally lensed by the foreground elliptical galaxy, with the faint component a counterimage of the IRAS source. The brightness of the arc in the HST image is then magnified by ~100 and the intrinsic source diameter is ~0.01 (80 pc) at 0.25 microns rest wavelength. The bolometric luminosity is probably amplified by a smaller factor (~30), yielding an intrinsic luminosity ~2E13 solar luminosities. A detailed lensing model is presented which reproduces the observed morphology and relative flux of the arc and counterimage, and correctly predicts the position angle of the lensing galaxy. The model also predicts reasonable values for the velocity dispersion, mass, and mass-to-light ratio of the lensing galaxy. A redshift for the lensing galaxy of ~0.9 is consistent with the measured surface brightness profile from the image, as well as with the galaxys SED.