We report the first observation of the charmless hyperonic B decay, B^+ -->
Lambda Lambdabar K^+, using a 140 fb^-1 data sample recorded at the Upsilon(4S)
resonance with the Belle detector at the KEKB e^+e^- collider. The measured
branching fraction is B(B^+ --> Lambda Lambdabar K^+) = 2.91 ^{+0.90}_{-0.70}
+/- 0.38 *10^-6 . We also perform a search for the related decay mode B^+ -->
Lambda Lambdabar pi^+, but do not find a significant signal. We set a 90%
confidence-level upper limit of B(B^+ --> Lambda Lambdabar pi^+) < 2.8 * 10^-6.Comment: 9 pages, 3 figures, submitted to Phys. Rev. Let