Detailed measurements of density, temperature, and potentials of a laboratory plasma undergoing magnetic field line reconnection are reported. The plasma column (n ≃1012 cm−3, Te ≃5 eV, B0 ≃20 G) is subject to a time‐varying transverse magnetic field with X‐type neutral point (B⊥max ≃100 G, Δt ≃100 µs). Time‐ and space‐resolved probe measurements show rapid electron heating giving rise to further ionization up to neutral burnout. Density and temperature exhibit strong spatial nonuniformities in all directions as well as significant temporal fluctuations. The plasma potential increases in the direction of the induced electric field, indicating the presence of axial space charge separation. Electrostatic fields also develop perpendicular to the applied fields and can exceed the latter in magnitude. The knowledge of the basic plasma parameters is essential in explaining the observed magnetic field configurations, plasma flows, and resistivity, which are described separately.