The reaction of lithium (Li) with water (H₂O) produces lithium hydroxide (LiOH) and hydrogen gas (H₂). The balanced chemical equation for this reaction is:
\[ 2 \, \text{Li} + 2 \, \text{H}_2\text{O} \rightarrow 2 \, \text{LiOH} + \text{H}_2 \]
In this reaction, lithium reacts vigorously with water, leading to the formation of lithium hydroxide, which is a strong base, and hydrogen gas, which may be released as bubbles.