Measurements of inclusive production of the Λ, Ξ- and Ξ*(1530) baryons in two-photon collisions with the L3 detector at LEP are presented. The inclusive differential cross sections for Λ and Ξ- are measured as a function of the baryon transverse momentum, pt, and pseudo-rapidity, η. The mean number of Λ, Ξ- and Ξ*(1530) baryons per hadronic two-photon event is determined in the kinematic range 0.4 GeVt<2.5 GeV, |η|<1.2. Overall agreement with the theoretical models and Monte Carlo predictions is observed. A search for inclusive production of the pentaquark θ+(1540) in two-photon collisions through the decay θ+→pK0 S is also presented. No evidence for production of this state is found.