1. Measurements on the photosynthesis of Cabomba caroliniana show an induction period at low and high light intensities and CO2 concentrations. 2. The equation which describes the data for Cabomba also describes the data obtained by other investigators on different species. The phenomenon is thus shown to be similar in plants representative of three phyla. 3. A derivation of the induction period equation is made from a consideration of the cycle of light and dark processes known to occur in photosynthesis. The equation indicates that light intensity enters as the square, and that the same light reactions are involved as those which affect the stationary state rates. However, a different dark reaction appears to limit photosynthesis during the induction period.