A complete ring of neutral hydrogen gas (HI) in the LGG 138 group of galaxies has been found. The HI mass of the ring is greater than , and the gas appears to be rotating with a projected circular speed of km s^-1. Two bright galaxies are enclosed by the ring, both having radial velocities consistent with membership of the group. Faint stellar emission extends to the radial distance of the HI ring, where a small but distinct colour discontinuity of between 0.05 and 0.20 magnitudes is detected. Three simple models for the formation of the system are briefly described, the most likely appearing to be a past gas-sweeping collision between one of the two bright galaxies and an outside intruder, with the colour break being partly due to an expanding density wave that is triggering star formation, and partly to a different stellar population that has been collected from the outskirts of the intruder.