A plunger lift lubricator having an internal bypass configuration which enables a plunger to be reliably captured and while still allowing the flow of fluid up through the lubricator before the fluid is directed radially outward and down the internal bypass passageways. The lubricator can comprise both an upper flow path and a lower flow path and can be configured such that a plunger can travel all the way up to shift a valve in the plunger if needed.