Interpretation of a Variable Reflection Nebula Associated with HBC 340 and HBC 341 in NGC 1333

We present multi-epoch, R-band imaging obtained from the Palomar Transient Factory of a small, fan-shaped reflection nebula in NGC 1333 that experiences prominent brightness fluctuations. Photometry of HBC 340 (K7e) and HBC 341 (M5e), a visual pair of late-type, young stellar objects lying near the apex of the nebula, demonstrates that while both are variable, the former has brightened by more than two magnitudes following a deep local minimum in 2014 September. Keck high-dispersion (R similar to 45,000-66,000), optical spectroscopy of HBC 340 suggests that the protostar is a spectroscopic binary (HBC 340Aa vertical bar HBC 340Ab). Both HBC 340 and HBC 341 exhibit strong Ha and forbidden line emission, consistent with accretion and outflow. We conclude that the brightness fluctuations in the reflection nebula represent light echos produced by varying incident radiation emanating from HBC 340. The short-term variability observed in the protostar is attributed to irregular accretion activity, while correlated, dipping behavior on a several hundred day timescale may be due to eclipse-like events caused by orbiting circumstellar material. Archival Hubble Space Telescope imaging of the region reveals a second, faint (F814W similar to 20.3 mag) companion to HBC 340 that lies 1 ''.02 (similar to 235 au) east of the protostar. If associated, this probable substellar mass object (20-50 Jupiter masses), HBC 340B, is likely unrelated to the observed brightness variations. The sustained brightening of HBC 340 since late 2014 can be explained by an EXor-like outburst, the recovery from a long duration eclipse event caused by obscuring circumstellar dust, or by the gradual removal of extincting material from along the line of sight. Our analysis here favors one of the extinction scenarios.