The lifetime of the B^0_s meson is measured using the semileptonic decay B^0_s -> D^-_s l^+ nu X. The data sample consists of approximately 110 pb^-1 of ppbar collisions at sqrt s = 1.8 TeV collected by the CDF detector at the Fermilab Tevatron collider. There are 254 +/- 21 D^-_s l^+ signal events where the D^-_s is reconstructed through its decay mode D^-_s -> phi pi^-, phi -> K^+K^-. Using these events, the B^0_s meson lifetime is determined to be tau(B^0_s) = 1.37 ^+0.14 _-0.12(stat.) +/- 0.04 (syst.) ps. The B^0_s meson proper decay length distribution has been examined for a lifetime difference between the two CP eigenstates of the B^0_s meson, B^H_s and B^L_s.