  We present multiwavelength observations of the persistent Fermi-LAT
unidentified gamma-ray source 1FGL J1417.7-4407, showing it is likely to be
associated with a newly discovered X-ray binary containing a massive neutron
star (nearly 2 M_sun) and a ~ 0.35 M_sun giant secondary with a 5.4 day period.
SOAR optical spectroscopy at a range of orbital phases reveals variable
double-peaked H-alpha emission, consistent with the presence of an accretion
disk. The lack of radio emission and evidence for a disk suggests the gamma-ray
emission is unlikely to originate in a pulsar magnetosphere, but could instead
be associated with a pulsar wind, relativistic jet, or could be due to
synchrotron self-Compton at the disk--magnetosphere boundary. Assuming a wind
or jet, the high ratio of gamma-ray to X-ray luminosity (~ 20) suggests
efficient production of gamma-rays, perhaps due to the giant companion. The
system appears to be a low-mass X-ray binary that has not yet completed the
pulsar recycling process. This system is a good candidate to monitor for a
future transition between accretion-powered and rotational-powered states, but
in the context of a giant secondary.
