We present observations of a peculiar hydrogen- and helium-poor stripped-envelope (SE) supernova (SN) 2020wnt, primarily in the optical and near-infrared (near-IR). Its peak absolute bolometric magnitude of −20.9 mag (L _{bol, peak} = (6.8 ± 0.3) × 10 ⁴³ erg s ⁻¹) and a rise time of 69 days are reminiscent of hydrogen-poor superluminous SNe (SLSNe I), luminous transients potentially powered by spinning-down magnetars. Before the main peak, there is a brief peak lasting <10 days post explosion, likely caused by interaction with circumstellar medium (CSM) ejected ∼years before the SN explosion. The optical spectra near peak lack a hot continuum and O ii absorptions, which are signs of heating from a central engine; they quantitatively resemble those of radioactivity-powered hydrogen/helium-poor Type Ic SESNe. At ∼1 yr after peak, nebular spectra reveal a blue pseudo-continuum and narrow O i recombination lines associated with magnetar heating. Radio observations rule out strong CSM interactions as the dominant energy source at +266 days post peak. Near-IR observations at +200-300 days reveal carbon monoxide and dust formation, which causes a dramatic optical light-curve dip. Pair-instability explosion models predict slow light curve and spectral features incompatible with observations. SN 2020wnt is best explained as a magnetar-powered core-collapse explosion of a 28 M _⊙ pre-SN star. The explosion kinetic energy is significantly larger than the magnetar energy at peak, effectively concealing the magnetar-heated inner ejecta until well after peak. SN 2020wnt falls into a continuum between normal SNe Ic and SLSNe I, and demonstrates that optical spectra at peak alone cannot rule out the presence of a central engine.