A Study to Evaluate Safety and Efficacy of Lebrikizumab in Participants With Chronic Obstructive Pulmonary Disease (COPD)

Inclusion Criteria: * Documented history of COPD greater than or equal to (\>/=) 12 months prior to Visit 1 * Post-bronchodilator FEV1/FVC less than (\<) 0.70 at Visit 1 or 2 * Post bronchodilator FEV1 \<80% predicted at Visit 1 or 2 * Documented history of one or more acute COPD exacerbations requiring treatment with systemic corticosteroids and/or antibiotics or hospitalization within 12 months prior to Visit 1 * Current tobacco smoker or former smoker (having stopped smoking for at least 6 months prior to Visit 1) with a history of smoking \>/=10 pack-years (20 cigarettes/day for 10 years) * On inhaled corticosteroids (ICS) therapy for \>/=6 months prior to Visit 1 * On an eligible bronchodilator medication for \>/=6 months prior to Visit 1 * Chest X-ray or computed tomography (CT) scan within 6 months prior to Visit 1 or chest X-ray prior to Visit 2 that confirms absence of clinically significant lung disease besides COPD * Demonstrated adherence with background COPD inhaler medication during screening period * For female participants of childbearing age, use of single or combined contraceptive methods for the duration of the study Exclusion Criteria: * History of severe allergic reaction or anaphylactic reaction to biologic agent or known hypersensitivity to lebrikizumab injection * History of clinically significant pulmonary disease other than COPD * Diagnosis of alpha-1-antitrypsin deficiency * Lung volume reduction surgery or procedure within 12 months prior to Visit 1 * Supplemental oxygen requirement \>2 liters/minute (L/min) at rest or with exertion * Current diagnosis of asthma * Participants participating in, or scheduled for, an intensive COPD rehabilitation program * Maintenance oral corticosteroid therapy * Treatment with systemic corticosteroids within 4 weeks prior to Visit 1 or during screen period * Unstable ischemic heart disease or other relevant cardiovascular disorders * Use of an immunomodulatory or immunosuppressive therapy including monoclonal antibodies (includes anti-interleukin-13 (IL) or anti-IL-4/IL-13 therapy) * Body weight \<40 kg * Any infection that resulted in hospital admission for \>/= 24 hours and/or treatment with oral, intravenous (IV), or intramuscular (IM) antibiotics within 4 weeks prior to Visit 1 or during screening * Upper or lower respiratory tract infection within 4 weeks prior to Visit 1 or during screening * Active parasitic or Listeria monocytogenes infection within 6 months prior to Visit 1 or during screening * Received a live attenuated vaccine within 4 weeks prior to Visit 1 or during screening * Active tuberculosis requiring treatment within 12 months prior to Visit 1 * Human immunodeficiency virus (HIV) or other known immunodeficiency * Hepatitis or known liver cirrhosis * Aspartate Aminotransferase (AST), Alanine Aminotransferase (ATL), or total bilirubin elevation \>/=2.0 x upper limit of normal (ULN) during screening * Clinically significant abnormality on screening electrocardiogram (ECG) or laboratory tests * History of alcohol or drug abuse * Pregnant or lactating