Type II restriction endonucleases require metal ions to specifically cleave DNA at canonical sites. Despite the wealth of structural and biochemical information, the number of Mg2+ ions used for cleavage by EcoRV, in particular, at physiological divalent ion concentrations is still not established. In this work we employ a single-turnover technique that uses osmotic stress in order to probe reaction kinetics between an initial specific EcoRV-DNA complex formed in the absence of Mg2+ and the final cleavage step. With osmotic stress, complex dissociation before cleavage is minimized and the reaction rates are slowed to a convenient timescale of minutes to hours. We find that cleavage occurs by a two-step mechanism that can be characterized by two rate constants. The dependence of these rate constants on Mg2+ concentration and osmotic pressure gives the number of Mg2+ ions and water molecules coupled to each kinetic step of the EcoRV cleavage reaction. Each kinetic step is coupled to the binding 1.5 – 2.5 Mg2+ ions, the uptake of ~30 water molecules, and the cleavage of a DNA single strand. We suggest that each kinetic step reflects an independent, rate limiting conformational change of each monomer of the dimeric enzyme that allows Mg2+ ion binding. This modified single turnover protocol has general applicability for metalloenzymes.