OK, you were all correct. The mystery door was a chimney cleanout.
These days, the flue for a gas furnace goes up that chimney. The door itself is badly corroded and is allowing moisture to produce mold on the basement wall.
So ... what is the 'Wreckommendation here? There really isn't a reason to get back there. Can it just be covered up with a metal plate caulked to the wall? Bricked in? Or does it really need to be replaced as it was?