A substellar-mass object in orbit at about 300 astronomical units (AU) from the young low-mass star G196-3 was detected by direct imaging. Optical and infrared photometry and low- and intermediate-resolution spectroscopy of the faint companion, hereafter referred to as G196-3B, confirms its cool atmosphere and allows its mass to be estimated at 25^{+15}_{-10} Jupiter masses. The separation between both objects and their mass ratio suggest the fragmentation of a collapsing cloud as the most likely origin for G196-3B, but alternatively it could have originated from a proto-planetary disc which has been dissipated. Whatever the formation process was, the young age of the primary star (about 100 Myr) demonstrates that substellar companions can form in short time scales.