We are given that $\vec{a}$ and $\vec{c}$ are unit vectors, so $|\vec{a}| = 1$ and $|\vec{c}| = 1$. The angle between $\vec{a}$ and $\vec{c}$ is $\cos^{-1} \left( \frac{1}{4} \right)$. Using the cosine rule:
\[
\vec{a} \cdot \vec{c} = \cos^{-1} \left( \frac{1}{4} \right) = \frac{1}{4}
\]
We are also given that $|\vec{b}| = 4$ and $\vec{b} = 2\vec{c} + \lambda \vec{a}$. The magnitude of $\vec{b}$ is given by:
\[
|\vec{b}|^2 = (2\vec{c} + \lambda \vec{a}) \cdot (2\vec{c} + \lambda \vec{a})
\]
Expanding:
\[
|\vec{b}|^2 = 4|\vec{c}|^2 + 4\lambda (\vec{c} \cdot \vec{a}) + \lambda^2 |\vec{a}|^2
\]
Since $|\vec{a}|^2 = 1$ and $|\vec{c}|^2 = 1$, and $\vec{c} \cdot \vec{a} = \frac{1}{4}$, we get:
\[
16 = 4 + 4\lambda \cdot \frac{1}{4} + \lambda^2
\]
Simplifying:
\[
16 = 4 + \lambda + \lambda^2
\]
\[
\lambda^2 + \lambda - 12 = 0
\]
Solving the quadratic equation:
\[
\lambda = \frac{-1 \pm \sqrt{1^2 - 4(1)(-12)}}{2(1)} = \frac{-1 \pm \sqrt{1 + 48}}{2} = \frac{-1 \pm \sqrt{49}}{2} = \frac{-1 \pm 7}{2}
\]
Thus, $\lambda = 3$ (since $\lambda > 0$).