Abstract An integrable ( 2 + 1 )-dimensional Toda equation with two discrete variables is presented from the compatible condition of a Lax triad composed of the ZS–AKNS (Zakharov, Shabat; Ablowitz, Kaup, Newell, Segur) eigenvalue problem and two discrete spectral problems. Through the nonlinearization technique, the Lax triad is transformed into a Hamiltonian system and two symplectic maps, respectively, which are integrable in the Liouville sense, sharing the same set of integrals, functionally independent and involutive with each other. In the Jacobi variety of the associated algebraic curve, both the continuous and the discrete flows are straightened out by the Abel–Jacobi coordinates, and are integrated by quadratures. An explicit algebraic–geometric solution in the original variable is obtained by the Riemann–Jacobi inversion.