Within the extended vector meson dominance model, we investigate the $e^+ e^- \to \Lambda^+_c \bar{\Lambda}^-_c$ reaction and the electromagnetic form factors of the charmed baryon $\Lambda_c^+$. The model parameters are determined by fitting them to the cross sections of the process $e^+e^-\rightarrow \Lambda_c^+ \bar{\Lambda}_c^-$ and the magnetic form factor $|G_M|$ of $\Lambda^+_c$. By considering four charmoniumlike states, called $\psi(4500)$, $\psi(4660)$, $\psi(4790)$, and $\psi(4900)$, we can well describe the current data on the $e^+ e^- \to \Lambda^+_c \bar{\Lambda}^-_c$ reaction from the reaction threshold up to $4.96 \ \mathrm{GeV}$. In addition to the total cross sections and $|G_M|$, the ratio $|G_E/G_M|$ and the effective form factor $|G_{\mathrm{eff}}|$ for $\Lambda^+_c$ are also calculated, and found that these calculations are consistent with the experimental data. Within the fitted model parameters, we have also estimated the charge radius of the charmed $\Lambda_c^+$ baryon.