The Blues boss scooped the honour on Friday after leading his side to three successive top-flight victories over Southampton, Newcastle and Burnley last month.
Chelsea also defeated Lille and Ajax in the Champions League in October, but were narrowly edged out by Manchester United in the last 16 of the Carabao Cup at Stamford Bridge.
Liverpool boss Jurgen Klopp had been seeking to win the award for the third month in succession, while Lampard - the first manager not named Klopp or Pep Guardiola to take the prize since Ole Gunnar Solskjaer in January - also saw off competition from Leicester's Brendan Rodgers, Aston Villa manager Dean Smith and Brighton chief Graham Potter.
Chelsea have carried their strong Premier League form into November, holding on for a narrow win at struggling Watford last weekend before contesting a dramatic 4-4 European draw against nine-man Ajax.
Lampard's side, currently fourth and level with Leicester with a six-point buffer to Arsenal, host London rivals Crystal Palace in Saturday's early kick-off.