  Magnetospheric clouds have been proposed as explanations for depth-varying
dips in the phased light curves of young, magnetically active stars such as
$\sigma$ Ori E and RIK-210. However, the stellar theory that first predicted
magnetospheric clouds also anticipated an associated mass-loss mechanism known
as centrifugal breakout for which there has been limited empirical evidence. In
this paper, we present data from TESS, LCO, ASAS-SN, and Veloce on the 45 Myr
M3.5 star TIC 234284556, and propose that it is a candidate for the direct
detection of centrifugal breakout. In assessing this hypothesis, we examine the
sudden ($\sim$1-day timescale) disappearance of a previously stable
($\sim$1-month timescale) transit-like event. We also interpret the presence of
an anomalous brightening event that precedes the disappearance of the signal,
analyze rotational amplitudes and optical flaring as a proxy for magnetic
activity, and estimate the mass of gas and dust present immediately prior to
the potential breakout event. After demonstrating that our spectral and
photometric data support a magnetospheric clouds and centrifugal breakout model
and disfavor alternate scenarios, we discuss the possibility of a coronal mass
ejection (CME) or stellar wind origin of the corotating material and we
introduce a reionization mechanism as a potential explanation for more gradual
variations in eclipse parameters. Finally, after comparing TIC 234284556 with
previously identified "flux-dip" stars, we argue that TIC 234284556 may be an
archetypal representative of a whole class of young, magnetically active stars.
