We measured current and luminosity at the channel bottom of 12 triggered lightning discharges including 44 return strokes, 23 M‐components, and 1 initial continuous current pulse. Combined current and luminosity data for impulse currents span a 10–90% risetime range from 0.15 to 192 µs. Current risetime and luminosity risetime at the channel bottom are roughly linearly correlated (τr,I = 0.71τr,L1.08). We observed a time delay between current and the resultant luminosity at the channel bottom, both measured at 20% of peak amplitude, that is approximately linearly related to both the luminosity 10–90% risetime (Δt20,b = 0.24τr,L1.12) and the current 10–90% risetime (Δt20,b = 0.35τr,I1.03). At the channel bottom, the peak current is roughly proportional to the square root of the peak luminosity (IP = 21.89LP0.57) over the full range of current and luminosity risetimes. For two return strokes we provide measurements of stroke luminosity vs. time for 11 increasing heights to 115 m altitude. We assume that measurements above the channel bottom behave similarly to those at the bottom and find that (1) one return stroke current peak decayed at 115 m to about 47% of its peak value at channel bottom, while the luminosity peak at 115 m decayed to about 20%, and for the second stroke 38% and 12%, respectively; and (2) measured upward return stroke luminosity speeds of the two strokes of 1.10 × 108 and 9.7 × 107 ms−1 correspond to current speeds about 30% faster. These results represent the first determination of return stroke current speed and current peak value above ground derived from measured return stroke luminosity data.