We present evidence of a new planetary system around the K giant η Cet (HIP 5364, HD 6805, HR 334), based on 124 high-precision optical and infrared radial velocity data, taken at Lick Observatory (Hamilton) and at VLT (CRIRES). The best dynamical fit to the data is consistent with two massive planets (m 1sini~2.6M Jup , m 2sini~3.3MJup ) and with periods of P 1~407 days, P 2~740 days. To test the η Cet system's stability we perform ~ 10,000 dynamical investigations with maximum time spans of 108 years. We find that in case of moderate eccentricities, the planets can be effectively trapped in an anti-aligned stable 2:1 mean motion resonance (MMR), very close to the separatrix. A larger non-resonant stable region exists in low-eccentricity parameter space, although less probable than the 2:1 MMR region.