  In this paper, we characterize the first $\gamma$-ray flaring episode of the
FSRQ PKS 0346-27 (z=0.991), as revealed by Fermi-LAT monitoring data, and the
concurrent multi-wavelength variability observed from radio through X-rays. The
quasi-simultaneous multi-wavelength coverage allowed us to construct
time-resolved spectral energy distributions (SEDs). PKS 0346-27 entered an
elevated $\gamma$-ray activity state starting from the beginning of 2018. The
high-state continued throughout the year, displaying the highest fluxes in May
2018. We find evidence of short-time scale variability down to $\sim$1.5 hours,
which constrains the $\gamma$-ray emission region to be compact. The extended
flaring period was characterized by a persistently harder spectrum with respect
to the quiescent state, indicating changes in the broadband spectral properties
of the source. This was confirmed by the multi-wavelength observations, which
show a shift in the position of the two SED peaks by $\sim$2 orders of
magnitude in energy and peak flux value. As a result, during the high state the
non-thermal jet emission completely outshines the thermal contribution from the
dust torus and accretion disk. The broadband SED of PKS 0346-27 transitions
from a typical Low-Synchrotron-Peaked (LSP) to the
Intermediate-Synchrotron-Peaked (ISP) class, a behavior previously observed in
other flaring $\gamma$-ray sources. Our one-zone leptonic emission model of the
high-state SEDs constrains the $\gamma$-ray emission region to have a lower
magnetic field, larger radius, and higher maximum electron Lorentz factors with
respect to the quiescent SED. Finally, we note that the bright and hard
$\gamma$-ray spectrum observed during the peak of flaring activity in May 2018
implies that PKS 0346-27 could be a promising target for future ground-based
Cherenkov observatories such as the CTA.
