The well-studied carbon star, V Hya, showing evidence for high-speed, collimated outflows and dense equatorial structures, is a key object in the study of the poorly understood transition of AGB stars into aspherical planetary nebulae. Using the Space Telescope Imaging Spectrograph instrument on board the Hubble Space Telescope, we have obtained high spatial-resolution long-slit optical spectra of V Hya that show high-velocity emission in [S ii] and [Fe ii] lines. Our data set, spanning three epochs spaced apart by a year during each of two periods (in 2002–2004 and 2011–2013), shows that V Hya ejects high-speed (∼ 200–250) bullets once every∼ 8.5 years. The ejection axis flip–flops around a roughly eastern direction, both in and perpendicular to the sky-plane, and the radial velocities of the ejecta also vary in concert between low and high values. We propose a model in which the bullet ejection is associated with the periastron passage of a binary companion in an eccentric orbit around V Hya with an orbital period of∼ 8.5 years. The flip–flop phenomenon is likely the result of collimated ejection from an accretion disk (produced by gravitational capture of material from the primary) that is warped and precessing, and/or that has a magnetic field that is misaligned with that of the companion or the primary star. We show how a previously observed 17 year period in V Hya's light-cycle can also be explained in our model. Additionally, we describe how the model proposed here can be extended to account for multipolar nebulae.