Recent studies have identified a small class of moderately rapidly rotating, chromospherically active, single giants, some of which are lithium rich. We present evidence suggesting the peculiar K-type star HDE 233517 is one such object. Previously, HDE 233517 has been suggested to be a young star, consistent with its large far-infrared excess and our log epsilon (Li) ~ 3.3. However, our high-resolution spectroscopic observations show it is likely a single, post--main-sequence K2 giant with v sin i = 15 km s-1 and modest Ca II H and K emission. The giant status of HDE 233517 is determined directly from luminosity-sensitive line ratios and a lack of significant line wings, and is further supported by a large radial velocity (46.5 km s-1), small proper motion, and the presence of interstellar absorption features. Interpretation of the data in the context of a recent mass outflow model for giant stars proposed by de la Reza and coworkers indicates that HDE 233517 has the largest mass-loss rate, ~3 x 10-7 Msolar yr-1, of any known luminosity class III giant. We suggest that the processes causing rapid rotation, large lithium abundance, and infrared excess are triggered at the base of the giant branch when the convection zone reaches the rapidly rotating core of low-mass stars.