The reaction between lithium sulfide (Li₂S) and water (H₂O) produces lithium hydroxide (LiOH) and hydrogen sulfide (H₂S). The balanced chemical equation for this reaction is:
\[ \text{Li}_2\text{S} + 2 \text{H}_2\text{O} \rightarrow 2 \text{LiOH} + \text{H}_2\text{S} \]
In this reaction, lithium sulfide reacts with water to form lithium hydroxide, which is a strong base, and hydrogen sulfide, which is a toxic gas. Make sure to handle these substances with care in a laboratory setting.