We provide an explicit isomorphism between a quotient of the Bannai-Ito algebra and the Brauer algebra. We clarify also the connection with the action of the Lie superalgebra osp(1|2) on the threefold tensor product of its fundamental representation. Finally, a conjecture is proposed to describe the centralizer of osp(1|2) acting on three copies of an arbitrary finite irreducible representation in terms of a quotient of the Bannai-Ito algebra. To the fond memory of Peter Freund, a much esteemed scientist who always generously shared his immense culture.