Lambda

Lambda (λ) is the ratio of actual AFR to stoichiometry for a given mixture. Lambda of 1.0 is at stoichiometry, rich mixtures are less than 1.0, and lean mixtures are greater than 1.0.

There is a direct relationship between lambda and AFR. To calculate AFR from a given lambda, multiply the measured lambda by the stoichiometric AFR for that fuel. Alternatively, to recover lambda from an AFR, divide AFR by the stoichiometric AFR for that fuel

as sited from

http://en.wikipedia.org/wiki/Air%E2%...l_ratio#Lambda