We present time-resolved, high-resolution (2 Å) spectra of the nova-like cataclysmic variable (CV) PG 0859+415. The average optical spectrum of this star displays a continuum slope that is steeper than expected for a steady state accretion disk this is attributed to the presence of a hot spot with T ∼ 12,000 K at the impact site of the accretion stream. As first observed by Grauer et al., the time- resolved spectra exhibit a transient central absorption feature in the Balmer lines that appears near φ = 0.6 and lasts into the (partial) eclipse, and the radial velocity solution of the Balmer lines shows a phase offset of ∆φ = -0.1 from the photometric phasing. System parameters are estimated from the radial velocity solution to the He II lines (which is consistent with an origin close to the white dwarf primary star). Doppler tomograms constructed from the Balmer emission lines reveal the presence of a region of enhanced emission at a location consistent with the expected impact site of the accretion stream with the edge of the disk. Finally, the similarities between PG 0859+415 and the recently identified SW Sextantis subclass of CV is discussed, and a qualitative model for the system is proposed to explain the observational results.