We present UBVRI photometry of the faint and highly erratic cataclysmic variable discovered by Hawkins (1983) from a sequence of U.K. Schmidt plates. Observations using the ANU 2.3 m telescope over two nights in September 1986 show pronounced and repeatable modulation at a binary period of 108.6 min. Dramatic colour differences are evident in the folded UBVRI light curves: in the U band, a single sinusoidal peak is present, while at longer wavelengths, a second red peak dominates at a phase separation of Δϕ = 0.5. This behaviour is strongly suggestive of cyclotron emission from two magnetic accretion funnels in an AM Herculis binary system. Furthermore, the binary period lies in the narrow range of 100-115 minutes that characterizes most of the AM Herculis variables lying on the short side of the 2-3 hour period gap. We conclude therefore that the object is almost certainly a new AM Herculis system, and develop a model in which the blue and red components originate from two non-diametrically opposed cyclotron regions that are characterized by differing electron temperatures and opacities. Predictions are made regarding the linear and circular polarization properties of this important new magnetic variable.