Polarized Λ b → Λγ decays at the Z pole are shown to be well suited for probing a large variety of New Physics effects. A new observable is proposed, the angular asymmetry between the Λ b spin and photon momentum, which is sensitive to the relative strengths of the opposite chirality and Standard Model chirality b → sγ dipole operators. Combination with the Λ decay polarization asymmetry and comparison with the Λ b polarization extracted from semileptonic decays allows important tests of the V − A structure of the Standard Model. Modifications of the rates and angular asymmetries which arise at next-to-leading order are discussed. Measurements for Λ b → Λγ and the CP conjugate mode, with branching ratios of a few times 10 −5 , are shown to be sensitive to non-standard sources of CP violation in the Λ b → Λγ matrix element. Form factor relations for heavy-to-light baryon decays are derived in the large energy limit, which are of general interest.