We present high-resolution (~2'') H I 21 cm and CO(1-0) observations of the quasar (QSO) galaxy pair 0248+430. The QSO Q0248+430 (z_em = 1.313) has been found to show two metal absorption-line systems at redshifts z_a ~ 0.052, which are consistent with the redshift of a foreground luminous infrared galaxy 15'' (~11 h^-1 kpc) away. In our observations, the CO emission of this foreground galaxy, G0248+430, shows broad velocity distribution (~173 km s^-1) but is spatially confined to a small unresolved region less than 1.5 × 1.5 h^-1 kpc; the H₂ mass based on the traditional conversion factor is ≈10¹⁰ M, which is approximately 30 times the H₂ mass within a similar region of the Milky Way. On the other hand, no significant H I 21 cm emission is found in the foreground galaxy; the mass of the neutral atomic hydrogen is less than 6 × 10⁸ M. Toward the QSO we discover a new H I 21 cm absorber with τ dv ~ 0.26 km s^-1 at the redshift of one of the metal absorption components; however, we did not detect significant CO(1-0) absorption toward the QSO. The H I column density is large enough for the absorber to be classified as a damped Lyα system. We also derive the H I mass and spin temperature for this metal-line absorption system. We discuss the relation of this H I absorber and the depletion of the H I in the foreground galaxy. We find that this H I absorber has very high metal abundance and is intrinsically different from the normal damped Lyα absorption systems, although both have similar spin temperatures and hydrogen column densities.