  We report on the serendipitous discovery of a new transient in NGC 5907, at a
peak luminosity of 6.4x10^{39} erg/s. The source was undetected in previous
2012 Chandra observations with a 3 sigma upper limit on the luminosity of
1.5x10^{38} erg/s, implying a flux increase of a factor of >35. We analyzed
three recent 60ks/50ks Chandra and 50ks XMM-Newton observations, as well as all
the available Swift observations performed between August 2017/March 2018.
Until the first half of October 2017, Swift observations do not show any
emission from the source. The transient entered the ULX regime in less than two
weeks and its outburst was still on-going at the end of February 2018. The
0.3-10 keV spectrum is consistent with a single multicolour blackbody disc
(kT~1.5 keV). The source might be a ~30 solar mass black hole accreting at the
Eddington limit. However, although we did not find evidence of pulsations, we
cannot rule-out the possibility that this ULX hosts an accreting neutron star.
