Cross sections have been measured for the Bi(e,e′p)Pb and Bi(γ,p)Pb reactions using electrons at E = 293 and 412 MeV, and tagged photons at mean E∼43.7 and ∼52.0 MeV, respectively. The Bi(e,e′p)Pb results are compared to complete distorted wave impulse approximation calculations, from which it is deduced that a model of Bi based on a 1h proton orbiting an inert Pb core has a high degree of validity. The interpretation of the Bi(γ,p)Pb results makes use of the (e,e′p) results to constrain the calculation of the direct knockout contribution. Using this approach, a comparison of the Bi(γ,p)Pb data to various calculations with and without meson exchange contributions shows that the enhancement of the (γ,p) cross section due to meson exchange is small. This is in contrast to results obtained for light nuclei, but in agreement with results for heavier nuclei.