We report on the discovery of a luminous blue variable (LBV) lying 7 pc in projection from the Quintuplet cluster. This source, which we call LBV G0.120 – 0.048, was selected for spectroscopy owing to its detection as a strong source of Paschen-α (Pα) excess in a recent narrowband imaging survey of the Galactic center region with the Hubble Space Telescope/Near-Infrared Camera and Multi-Object Spectrometer. The K-band spectrum is similar to that of the Pistol Star and other known LBVs. The new LBV was previously cataloged as a photometric variable star, exhibiting brightness fluctuations of up to 1 mag between 1994 and 1997, with significant variability also occurring on month-to-month timescales. The luminosity of LBV G0.120 – 0.048, as derived from Two-Micron All Sky Survey photometry, is approximately equivalent to that of the Pistol Star. However, the time-averaged brightness of LBV G0.120 – 0.048 between 1994 and 1997 exceeded that of the Pistol Star; LBV G0.120 – 0.048 also suffers more extinction, which suggests that it was intrinsically more luminous in the infrared than the Pistol Star between 1994 and 1997. Pα images reveal a thin circular nebula centered on LBV G0.120 – 0.048 with a physical radius of 0.8 pc. We suggest that this nebula is a shell of ejected material launched from a discrete eruption that occurred between 5000 and 10,000 years ago. Because of the very short amount of time that evolved massive stars spend in the LBV phase, and the close proximity of LBV G0.120 – 0.048 to the Quintuplet cluster, we suggest that this object might be coeval with the cluster, and may have once resided within it.