We introduce and demonstrate a hybrid optically-pumped magnetometer (hOPM) that simultaneously measures one dc field component and one rf field component quadrature with a single atomic spin ensemble. The hOPM achieves sub-pT/√Hz sensitivity for both dc and rf fields, and is limited in sensitivity by measurement back-action and spin projection noise at low frequencies, and by photon shot noise at high frequencies. We demonstrate with the hOPM a new application of multi-parameter quantum sensing: background-cancelling spread spectrum magnetic communication. The combination of high sensitivity, quantum-noise-limited performance, and real-world application potential makes the hOPM an ideal system in which to study high-performance multi-parameter quantum sensing.