A recent HyperCP observation of three events in the decay Sigma^+ -> p mu^+ mu^- is suggestive of a new particle with mass 214.3 MeV. In order to confront models that contain a light Higgs boson with this observation, it is necessary to know the Higgs production rate in hyperon decay. The contribution to this rate from penguin-like two-quark operators has been considered before and found to be too large. We point out that there are additional four-quark contributions to this rate that could be comparable in size with the two-quark contributions, and that could bring the total rate to the observed level in some models. To this effect we implement the low-energy theorems that dictate the couplings of light Higgs bosons to hyperons at leading order in chiral perturbation theory. We consider the cases of scalar and pseudoscalar Higgs bosons in the standard model and in its two-Higgs-doublet extensions to illustrate the challenges posed by existing experimental constraints and suggest possible avenues for models to satisfy them.

22 pages, 10 figures; minor changes, version to appear in PRD; typos corrected