This paper details the theory, fabrication, and characterization of a new Lamb wave device. Built using capacitive micromachined ultrasonic transducers (CMUTs), the structure described uses rectangular membranes to excite and receive Lamb waves on a silicon substrate. An equivalent circuit model for the transducer is proposed that produces results, which match well with those observed by experiment. During the derivation of this model, emphasis is placed on the resistance presented to the transducer membranes by the Lamb wave modes. Finite element analysis performed in this effort shows that the dominant propagating mode in the device is the lowest order antisymmetric flexural wave (A0). Furthermore, most of the power that couples into the Lamb wave is due to energy in the vibrating membrane that is transferred to the substrate through the supporting posts of the device. The manufacturing process of the structure, which relies solely on fundamental IC-fabrication techniques, is also discussed. The resulting device has an 18-microm-thick substrate that is almost entirely made up of crystalline silicon and operates at a frequency of 2.1 MHz. The characterization of this device includes S-parameter and laser vibrometer measurements as well as delay-line transmission data. The insertion loss, as determined by both S-parameter and delay-line transmission measurements, is 20 dB at 2.1 MHz. When configured as a delay-line oscillator, the device functions well as a sensor with sensitivity to changes in the mass loading of its substrate.