We applied a modified vector meson dominance (VMD) model to analyze the electromagnetic form factors of the Λ c hyperon in the time-like reaction e + e − → Λ + c Λ− c . In the model, we include the contributions from ω(782), ω(1420), ω(1650), φ(1020), φ(1680) and φ(2170), as well as charmed mesons and their resonance states ψ(1S ), ψ(2S ), ψ(3770), ψ(4040), ψ(4160) and ψ(4415). We perform a combined fit to the available data on the Born cross section in reaction e + e − → Λ + c Λ− c and the ratio of the electromagnetic form factors |G E /G M | to obtain the values of the model parameters. Our results show that the vector meson dominance model can simultaneously describe the data of electromagnetic form factors from the Bell and BESIII Collaboration, and the model result for |G E /G M | qualitatively agrees with the data from BESIII. With the fitted parameters, we predict the relative phase ∆Φ between G E and G M . Moreover, we predict the single and double polarization observables in e + e − → Λ + c Λ−c reactions, which are experimentally accessible in the polarized process. We also obtain the form factors of the Λ c hyperon in the space-like region via analytic continuing the time-like form factors.