We present the discovery and characterisation of PTF10iya, a short-lived (dt
~ 10 d, with an optical decay rate of ~ 0.3 mag per d), luminous (M_g ~ -21
mag) transient source found by the Palomar Transient Factory. The
ultraviolet/optical spectral energy distribution is reasonably well fit by a
blackbody with T ~ 1-2 x 10^4 K and peak bolometric luminosity L_BB ~ 10^44
-10^45 erg per s (depending on the details of the extinction correction). A
comparable amount of energy is radiated in the X-ray band that appears to
result from a distinct physical process. The location of PTF10iya is consistent
with the nucleus of a star-forming galaxy (z = 0.22405 +/- 0.00006) to within
350 mas (99.7 per cent confidence radius), or a projected distance of less than
1.2 kpc. At first glance, these properties appear reminiscent of the
characteristic "big blue bump" seen in the near-ultraviolet spectra of many
active galactic nuclei (AGNs). However, emission-line diagnostics of the host
galaxy, along with a historical light curve extending back to 2007, show no
evidence for AGN-like activity. We therefore consider whether the tidal
disruption of a star by an otherwise quiescent supermassive black hole may
account for our observations. Though with limited temporal information,
PTF10iya appears broadly consistent with the predictions for the early
"super-Eddington" phase of a solar-type star disrupted by a ~ 10^7 M_sun black
hole. Regardless of the precise physical origin of the accreting material, the
large luminosity and short duration suggest that otherwise quiescent galaxies
can transition extremely rapidly to radiate near the Eddington limit; many such
outbursts may have been missed by previous surveys lacking sufficient cadence.
