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III Zw 2 is the prototype of radio-intermediate quasars. Although there isthe evidence of possessing strong jet, significant $\gamma$-ray emission hasnot been reported before. In this work, we carry out a detailed analysis of thelatest {\it Fermi}-LAT {\it Pass} 8 data. No significant $\gamma$-ray signalhas been detected in the time-averaged 7-year {\it Fermi}-LAT data of III Zw 2,we however have identified two distinct $\gamma$-ray flares with isotropicluminosities of $\sim 10^{45}$ erg $\rm s^{-1}$. Multiwavelength data analysis(including also the optical photometric observations from Yunnan Observatories)are presented and the main finding is the simultaneous optical and $\gamma$-rayflares of III Zw 2 appearing in Nov. 2009. Violent $\gamma$-ray variabilitywith doubling timescale of 2.5 hours was detected in another $\gamma$-ray flarein May 2010, for which the 3-hour $\gamma$-ray peak flux is $\sim 250$ times ofthe average flux in 7 years. Rather similar behaviors are observed in blazarsand the blazar model can reasonably reproduce the spectral energy distributionof III Zw 2 in a wide energy range, strongly suggesting that its central engineresembles that of blazars. In view of its core which shares radio similaritieswith young radio sources together with the weak extended radio lobe emission,we suggest that III Zw 2 harbors a recurrent activity core and serves as avaluable target for investigating the fuelling and triggering of the activityin radio loud AGNs.

Discovery of $\gamma$-ray emission from the radio-intermediate quasar III Zw 2: violent jet activity with intraday $\gamma$-ray variability