  The afterglow of the Gamma-Ray Burst (GRB) 000301C exhibited achromatic,
short time-scale variability that is difficult to reconcile with the standard
relativistic shock model. We interpret the observed light curves as a
microlensing event superimposed on power-law flux decays typical of afterglows.
In general, a relativistic GRB shock appears on the sky as a thin ring
expanding at a superluminal speed. Initially the ring is small relative to its
angular separation from the lens and so its flux is magnified by a constant
factor. As the ring grows and sweeps across the lens its magnification reaches
a maximum. Subsequently, the flux gradually recovers its unlensed value. This
behavior involves only three free parameters in its simplest formulation and
was predicted theoretically by Loeb & Perna (1998). Fitting the available
R-band photometric data of GRB 000301C to a simple model of the microlensing
event and a broken power-law for the afterglow, we find reasonable values for
all the parameters and a reduced chi^2/DOF parameter of 1.48 compared with 2.99
for the broken power-law fit alone. The peak magnification of ~2 occurred 3.8
days after the burst. The entire optical-IR data imply a width of the GRB ring
of order 10% of its radius, similar to theoretical expectations. The angular
resolution provided by microlensing is better than a micro-arcsecond. We infer
a mass of approximately 0.5 M_Sun for a lens located half way to the source at
z_s=2.04. A galaxy 2'' from GRB 000301C might be the host of the stellar lens,
but current data provides only an upper-limit on its surface brightness at the
GRB position.
