In this paper we prove local well-posedness of a space-time fractional generalization of the nonlinear Schrodinger equation with a power-type nonlinearity. The linear equation coincides with a model proposed by Naber, and displays a nonlocal behavior both in space and time which accounts for long-range interactions and a so-called memory effect. Because of a loss of derivatives produced by the latter and the lack of a semigroup structure of the solution operator, we employ a strategy of proof based on exploiting some smoothing effect similar to that used by Kenig, Ponce, and Vega for the KdV equation. Finally, we prove analytic ill-posedness of the data-to-solution map in the supercritical case.