We investigate supersymmetry breaking meta-stable vacua in N = 2, SU(2) x U(1) gauge theory with N-f = 2 massless flavors perturbed by the addition of small N = 1 preserving mass terms in a presence of a Fayet-Iliopoulos term. We derive the low energy effective theory by using the exact results of N = 2 supersymmetric QCD and examine the effective potential. At the classical level, the theory has supersymmetric vacua on Coulomb and Higgs branches. We find that supersymmetry on the Coulomb branch is dynamically broken as a consequence of the strong dynamics of SU(2) gauge symmetry while the supersymmetric vacuum on the Higgs branch remains. We also estimate the lifetimes of the local minima on the Coulomb branch. We find that they are sufficiently long and therefore the local vacua we find are meta-stable.