  We report the discovery of a quasi-periodic oscillation (QPO) at 642 mHz in
an {\it XMM-Newton} observation of the ultraluminous X-ray source (ULX) IC 342
X-1. The QPO has a centroid at $\nu_{QPO} = 642 \pm 20$ mHz, a coherence factor
of $ Q = 11.6$, and an amplitude (rms) of 4.1\% with significance of
$3.6\sigma$. The energy dependence study shows that the QPO is stronger in the
energy range 0.3 - 5.0 keV. A subsequent observation (6 days later) does not
show any signature of the QPO in the power density spectrum. The broadband
energy spectra (0.3 - 40.0 keV) obtained by quasi-simultaneous observations of
{\it XMM-Newton} and {\it NuSTAR} can be well described by an absorbed {\it
diskbb} plus {\it cutoffpl} model. The best fitted spectral parameters are
power-law index ($\Gamma$) $\sim$ 1.1, cutoff energy ($E_c$) $\sim$ 7.9 keV and
disc temperature ($kT_{in}$) $\sim$ 0.33 keV, where the QPO is detected. The
unabsorbed bolometric luminosity is $\sim$ 5.34$\times$ 10$^{39}$ erg~s$^{-1}$.
Comparing with the well known X-ray binary GRS 1915+105, our results are
consistent with the mass of the compact object in IC 342 X-1 being in the range
$\sim 20 - 65 ~ M_\odot$. We discuss the possible implications of our results.
