We report a measurement of the exclusive \$e^+e^- \to \Lambda_c^+ \Lambda_c^-$ cross section as a function of center-of-mass energy near the $\Lambda_c^+ \Lambda_c^-$ threshold. A clear peak with a significance of $8.8\sigma$ is observed in the $\Lambda_c^+ \Lambda_c^-$ invariant mass distribution just above threshold. With an assumption of a resonance origin for the observed peak, a mass and width of $M=(4634^{+8}_{-7} \mathrm{(stat.)} ^{+5}_{-8} \mathrm{(sys.)})\mevc$ and $\Gamma_{\mathrm{tot}}=(92^{+40}_{-24} \mathrm{(stat.)}^{+10}_{-21} \mathrm{(sys.)})\mev$ are determined. The analysis is based on a study of events with initial-state-radiation photons in a data sample collected with the Belle detector at the $\Upsilon(4S)$ resonance and nearby continuum with an integrated luminosity of 695 $\mathrm{fb}^{-1}$ at the KEKB asymmetric-energy $e^+e^_$ collider.
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