The 1986 Lambeth London Borough Council election took place on 8 May 1986. All 64 members of Lambeth London Borough Council were elected. The elections took place alongside local elections in the other London boroughs and elections to local authorities across the United Kingdom.

This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages) This article needs to be updated. (July 2019) This article relies largely or entirely on a single source. (July 2019)

In the 1986 elections, the Labour Party won 40 seats (up 8 from 1982), the Conservative Party won 21 (down 6), and the SDP–Liberal Alliance won 3 (down 2). Turnout was 43.0%.

Before the 1986 election, the district auditor had identified losses due to the late setting of council rates as part of the rate-capping rebellion, and surcharged the relevant councillors (half of the total), disqualifying them from office and barring them from standing again for five years. This reduced the Labour Group on the council from the 32 elected in 1982 to 3 going into the election.