We identify a third image in the unique quasar lens SDSS J1029+2623, the second known quasar lens produced by a massive cluster of galaxies. The spectrum of the third image shows similar emission and absorption features, but has a redder continuum than the other two images which can be explained by differential extinction or microlensing. We also identify several lensed arcs. Our observations suggest a complicated structure of the lens cluster at z~0.6. We argue that the three lensed images are produced by a naked cusp on the basis of successful mass models, the distribution of cluster member galaxies, and the shapes and locations of the lensed arcs. Lensing by a naked cusp is quite rare among galaxy-scale lenses but is predicted to be common among large-separation lensed quasars. Thus the discovery can be viewed as support for an important theoretical prediction of the standard cold dark matter model.