We present near-infrared high-contrast imaging photometry and integral field spectroscopy of ROXs 42B, a binary M0 member of the 1–3 Myr old ρ Ophiuchus star-forming region, from data collected over 7 years. Each data set reveals a faint companion—ROXs 42Bb—located ∼116 (rproj ≈ 150 AU) from the primaries at a position angle consistent with a point source identified earlier by Ratzka et al.. ROXs 42Bb's astrometry is inconsistent with a background star but consistent with a bound companion, possibly one with detected orbital motion. The most recent data set reveals a second candidate companion at ∼05 of roughly equal brightness, though preliminary analysis indicates it is a background object. ROXs 42Bb's H and Ks band photometry is similar to dusty/cloudy young, low-mass late M/early L dwarfs. K band VLT/SINFONI spectroscopy shows ROXs 42Bb to be a cool substellar object (M8–L0; Teff ≈ 1800–2600 K), not a background dwarf star, with a spectral shape indicative of young, low surface gravity planet-mass companions. We estimate ROXs 42Bb's mass to be 6–15 MJ, either below the deuterium-burning limit and thus planet mass or straddling the deuterium-burning limit nominally separating planet-mass companions from other substellar objects. Given ROXs 42b's projected separation and mass with respect to the primaries, it may represent the lowest mass objects formed like binary stars or a class of planet-mass objects formed by protostellar disk fragmentation/disk instability, the latter slightly blurring the distinction between non-deuterium-burning planets like HR 8799 bcde and low-mass, deuterium-burning brown dwarfs.