The object in question has been confirmed as a "retired communications component."

*Updated on March 6, 2020, at 2:59 p.m. (MT):

Editor's note: The object captured on video is NOT a UFO, instead, it's a "retired communications component" that was jettisoned from the International Space Station (ISS) at approximately 1:50 p.m. (ET) on February 21, according to an ISS daily report. It has been identified as the Japanese Experiment Module Inter-orbit Communication SystemExposed Facility.

The ISS removes debris through controlled jettisons, a maneuver that's planned in advance.

When NASA captured the object on its live feeds on YouTube, UFOologist Scott C. Waring—the creator of the site UFO Sightings Daily and YouTube channel ET Data Base—spotted it as he watched from back here on Earth. Waring saw the retired communications component and labeled it a "UFO", or unidentified flying object. 

NASA uses the High Definition Earth-Viewing  System (HDEV) to record and stream live views from the ISS. The externally mounted camera system is called Node 2, and it's located on the forward portion of the ISS with the camera angle looking forward.

You can check out the footage below:

What do you think? Sound off with your theories in the comments.