Cd2Os2O7 crystallizes in the pyrochlore structure and undergoes a metal-insulator transition (MIT) near 226 K. We have characterized the MIT in Cd2Os2O7 using x-ray diffraction, resistivity at ambient and high pressure, specific heat, magnetization, thermopower, Hall coefficient, and thermal conductivity. Both single crystals and polycrystalline material were examined. The MIT is accompanied by no change in crystal symmetry and a change in unit-cell volume of less than 0.05%. The resistivity shows little temperature dependence above 226 K, but increases by 3 orders of magnitude as the sample is cooled to 4 K. The specific heat anomaly resembles a mean-field transition and shows no hysteresis or latent heat. Cd2Os2O7 orders magnetically at the MIT. The magnetization data are consistent with antiferromagnetic order, with a small parasitic ferromagnetic component. The Hall and Seebeck coefficients are consistent with a semiconducting gap opening at the Fermi energy at the MIT. We have also performed electronic structure calculations on Cd2Os2O7. These calculations indicate that Cd2Os2O7 is metallic, with a sharp peak in the density of states at the Fermi energy. We interpret the data in terms of a Slater transition. In this scenario, the MIT is produced by a doubling of the unit cell due to the establishment of antiferromagnetic order. A Slater transition-unlike a Mott transition-is predicted to be continuous, with a semiconducting energy gap opening much like a BCS gap as the material is cooled below TMIT.