A catastrophe model for the onset of fast magnetic reconnection is presented that suggests why plasma systems with magnetic free energy remain apparently stable for long times and then suddenly release their energy. For a given set of plasma parameters there are generally two stable reconnection solutions: a slow (Sweet-Parker) solution and a fast (Alfvénic) Hall reconnection solution. Below a critical resistivity the slow solution disappears and fast reconnection dominates. Scaling arguments predicting the two solutions and the critical resistivity are confirmed with two-fluid simulations.