[en] Polycrystalline samples with the nominal composition Bi_0.8Pb_0.2FeO₃ have been studied via x-ray diffraction, Moessbauer spectroscopy, dielectric, magnetic, and local ferroelectric measurements. It has been found that the heterovalent Pb²⁺ substitution in Bi_0.8Pb_0.2FeO_y is realized through the formation of oxygen vacancies. The crystal structure of the compound has been shown to be described by the non-centrosymmetric space group R3c. Investigations of local ferroelectric and magnetic properties have confirmed that spontaneous polarization and weak ferromagnetism coexist in this material at room temperature. The nature of the weak ferromagnetic moment in this compound is discussed in terms of a doping-induced change in the magnetic anisotropy