We introduce the Fluctuating Two-Ray (FTR) fading model, a new statistical channel model that consists of two fluctuating specular components with random phases plus a diffuse component. The PDF and MGF are expressed in closed-form, having a functional form similar to other state-of-the-art fading models. We also provide an approximate closed-form expressions for the PDF, which allow for a simple evaluation of these statistics to an arbitrary level of precision. We show that the FTR fading model provides a much better fit than Rician fading for recent small-scale fading measurements in 28 GHz outdoor millimeter-wave channels.