Lucky Bamboo’s a fascinating houseplant that grows in water. Lucky Bamboo isn’t a bamboo. The canes, stalks, or stems (whatever you prefer to call them) resemble the canes of a bamboo plant and that’s the origin of “bamboo” in its common name. It’s a dracaena, Dracaena sanderiana or D. braunii to be exact. This is a plant that goes both ways: it grows for the long haul in both water and/or soil.