A bstract A search for exclusive or semi-exclusive γγ production, pp → p (*) + γγ + p (*) (where p * stands for a diffractively-dissociated proton), and the observation of exclusive and semi-exclusive e + e − production, pp → p (*) + e + e − + p (*) , in proton-proton collisions at $ \sqrt{s}=7 $ TeV, are presented. The analysis is based on a data sample corresponding to an integrated luminosity of 36 pb −1 recorded by the CMS experiment at the LHC at low instantaneous luminosities. Candidate γγ or e + e − events are selected by requiring the presence of two photons or a positron and an electron, each with transverse energy E T > 5 . 5 GeV and pseudorapidity | η | < 2 . 5, and no other particles in the region | η | < 5 . 2. No exclusive or semi-exclusive diphoton candidates are found in the data. An upper limit on the cross section for the reaction pp → p (*) + γγ + p (*) , within the above kinematic selections, is set at 1.18 pb at 95% confidence level. Seventeen exclusive or semi-exclusive dielectron candidates are observed, with an estimated background of 0 . 85 ± 0 . 28 (stat.) events, in agreement with the QED-based prediction of 16 . 3 ± 1 . 3 (syst.) events.