We present the first precision BVRI light curves, synthetic light curve solutions, and a period study for the high amplitude solar type binary, V2421 Cygni. The light curves have the appearance of an Algol (EA) type; however, it is made up of dwarf solar type components in a detached mode with a period of only 0.6331 days with an amplitude of about a full magnitude, i.e., it is a precontact W UMa binary. Flare-like disruptions occur in the light curves following the primary and secondary eclipses possibly due to the line-of-sight track of a gas stream. An associated stream spot and splash spot cause bright equatorial spots on the stellar surface of the primary star. The more massive star is the gainer, making this system a classic, albeit dwarf, Algol.