We propose a metamaterial to realize true electromagnetically induced transparency (EIT), where the incidence of an auxiliary electromagnetic wave called the control wave induces transparency for a probe wave. The analogy to the original EIT effect in an atomic medium is shown through analytical and numerical calculations derived from a circuit model for the metamaterial. We perform experiments to demonstrate the EIT effect of the metamaterial in the microwave region. The width and position of the transparent region can be controlled by the power and frequency of the control wave. We also observe asymmetric transmission spectra unique to the Fano resonance.