 
The 1886 Nebraska lieutenant gubernatorial election was held on November 2, 1886, and featured incumbent Nebraska Lieutenant Governor Hibbard H. Shedd, a Republican, defeating Democratic nominee Charles J. Bowlby as well as Prohibition Party nominee E. B. Graham and National Union Party nominee M. K. Lewis.
The National Union Party was founded just prior to the election of 1886 and appears to have been a precursor to the later populist movement in Nebraska. One source refers to the party as the "anti-monopoly party." The party was very closely associated with various figures such as John H. Powers and Charles Van Wyck who were later prominent in the populist movement.
General election.
Results.
! scope="col" colspan="2" style="width: 15em" |Party
! scope="col" style="width: 17em" |Candidate
! scope="col" style="width: 5em" |Votes
! scope="col" style="width: 3.5em" |%
! colspan="3" style="text-align:right;" | Total votes
References.
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