A sample of Lambda's produced in 2 A*GeV Ni + Cu collisions has been obtained with the EOS Time Projection Chamber at the Bevalac. Low background in the invariant mass distribution allows for the unambiguous demonstration of Lambda directed flow. The transverse mass spectrum at mid-rapidity has the characteristic shoulder-arm shape of particles undergoing radial transverse expansion. A linear dependence of Lambda multiplicity on impact parameter is observed, from which a total Lambda + Sigma^0 production cross section of $112 +/- 24 mb is deduced. Detailed comparisons with the ARC and RVUU models are made.