  We report the discovery of a new X-ray pulsar, XTE J1810-197. The source was
serendipitously discovered on 2003 July 15 by the Rossi X-ray Timing Explorer
(RXTE) while observing the soft gamma repeater SGR 1806-20. The pulsar has a
5.54 s spin-period and a soft spectrum (photon index ~ 4). We detect the source
in earlier RXTE observations back to 2003 January. These show that a transient
outburst began between 2002 November 17 and 2003 January 23 and that the pulsar
has been spinning down since then, with a high rate Pdot ~ 10^-11 s/s showing
significant timing noise, but no evidence for Doppler shifts due to a binary
companion. The rapid spin-down rate and slow spin-period imply a super-critical
magnetic field B=3x10^14 G and a young characteristic age < 7600 yr. These
properties are strikingly similar to those of anomalous X-ray pulsars and soft
gamma repeaters, making the source a likely new magnetar. A follow-up Chandra
observation provided a 2".5 radius error circle within which the 1.5 m
Russian-Turkish Optical Telescope RTT150 found a limiting magnitude of
R_c=21.5, in accord with other recently reported limits. The source is present
in archival ASCA and ROSAT data as well, at a level 100 times fainter than the
\~ 3 mCrab seen in 2003. This suggests that other X-ray sources that are
currently in a state similar to the inactive phase of XTE J1810-197 may also be
unidentified magnetars awaiting detection via a similar activity.
