We present high angular resolution SMA and Spitzer observations toward the Bok globule CB17. SMA 1.3mm dust continuum images reveal within CB17 two sources with an angular separation of about 21" (about 5250 AU at a distance of 250 pc). The northwestern continuum source, referred to as CB17 IRS, dominates the infrared emission in the Spitzer images, drives a bipolar outflow extending in the northwest-southeast direction, and is classified as a low luminosity Class0/I transition object (L_bol ~ 0.5 L_sun). The southeastern continuum source, referred to as CB17 MMS, has faint dust continuum emission in the SMA 1.3mm observations (about 6 sigma detection; ~3.8 mJy), but is not detected in the deep Spitzer infrared images at wavelengths from 3.6 to 70 micron. Its bolometric luminosity and temperature, estimated from its spectral energy distribution, are less than 0.04 L_sun and 16 K, respectively. The SMA CO(2-1) observations suggest that CB17 MMS may drive a low-velocity molecular outflow (about 2.5 km/s), extending in the east-west direction. Comparisons with prestellar cores and Class0 protostars suggest that CB17 MMS is more evolved than prestellar cores but less evolved than Class0 protostars. The observed characteristics of CB17 MMS are consistent with the theoretical predictions from radiative/magneto hydrodynamical simulations of a first hydrostatic core, but there is also the possibility that CB17 MMS is an extremely low luminosity protostar deeply embedded in an edge-on circumstellar disk. Further observations are needed to study the properties of CB17 MMS and to address more precisely its evolutionary stage.