We present the discovery of an object in the Pleiades open cluster, named Teide 2, with optical and infrared photometry that places it on the cluster sequence slightly below the expected substellar mass limit. We have obtained low- and high-resolution spectra that allow us to determine its spectral type (M6), radial velocity, and rotational broadening and to detect H alpha in emission and Li I in absorption. All the observed properties strongly support the membership of Teide 2 in the Pleiades. This object has an important role in defining the reappearance of lithium below the substellar limit in the Pleiades. The age of the Pleiades' very low mass members, based on their luminosities and the absence or presence of lithium, is constrained to be in the range 100-120 Myr.