We report on the discovery of WASP-12b, a new transiting extrasolar planet with $R_{rm pl}=1.79 pm 0.09 R_J$ and $M_{rm pl}=1.41 pm 0.1 M_J$. The planet and host star properties were derived from a Monte Carlo Markov Chain analysis of the transit photometry and radial velocity data. Furthermore, by comparing the stellar spectrum with theoretical spectra and stellar evolution models, we determined that the host star is a super-solar metallicity ([M/H]$=0.3^{+0.05}_{-0.15}$), late-F (T$_{rm eff}=6300^{+200}_{-100}$ K) star which is evolving off the zero age main sequence. The planet has an equilibrium temperature of T$_{rm eq}$=2516 K caused by its very short period orbit ($P=1.09$ days) around the hot, 12th magnitude host star. WASP-12b has the largest radius of any transiting planet yet detected. It is also the most heavily irradiated and the shortest period planet in the literature.