  We argue that the moduli space for the Bagger-Lambert A_4 theory at level k
is (R^8 \times R^8)/D_{2k}, where D_{2k} is the dihedral group of order 4k. We
conjecture that the theory describes two M2-branes on a Z_{2k} ``M-fold'', in
which a geometrical action of Z_{2k} is combined with an action on the branes.
For k=1, this arises as the strong coupling limit of two D2-branes on an O2^-
orientifold, whose worldvolume theory is the maximally supersymmetric SO(4)
gauge theory. Finally, in an appropriate large-k limit we show that one
recovers compactified M-theory and the M2-branes reduce to D2-branes.
