Evidence is presented for a first-order magnetic phase transition in a gated two-dimensional semiconductor, monolayer-MoS_{2}. The phase boundary separates a ferromagnetic phase at low electron density and a paramagnetic phase at high electron density. Abrupt changes in the optical response signal an abrupt change in the magnetism. The magnetic order is thereby controlled via the voltage applied to the gate electrode of the device. Accompanying the change in magnetism is a large change in the electron effective mass.