Liverpool captain Gerrard was on target as the Reds were beaten 6-1 by Stoke City at the Britannia Stadium while Lampard hit the back of the net as Manchester City defeated Southampton 2-0 at the Etihad Stadium on the final day of the 2014/15 Premier League season.
Gerrard, who is set to join MLS champions LA Galaxy, received plenty of adulation from both sets of fans when he angled an effort past Asmir Begovic in the 70th minute to tally his 186th goal in his 710th, and final, appearance for Liverpool.
Peter Crouch headed home, also against his ex-club, in the 86th minute to give Stoke a stunning victory on Gerrard's farewell appearance.
In Manchester, New York City-bound Lampard opened the scoring for City in the 31st minute with a lovely first-time finish with his left foot from James Milner's low cross to notch his 259th goal in England.
That preceded Sergio Aguero's simple back post header late in the game which allowed him to clinch the Golden Boot with his 26th strike of the season.
Goals from Moussa Sissoko and cancer survivor Jonas Gutierrez gave the Magpies a stirring triumph at home which saw them remain in the top flight while Hull City drew 0-0 with ten-man Manchester United but the result was not enough to deny the Tigers dropping back to the Championship.
Goals in the fourth, 14th and 37th minutes along with Jack Wilshere's 17th-minute effort enabled the Gunners to secure third position and an automatic entry into the Champions League.
Elsewhere, relegated Burnley edged Aston Villa 1-0 at Villa Park, Crystal Palace finished 10th courtesy of a 1-0 win over Swansea City at home, Harry Kane grabbed his 21st league goal of the season as Tottenham beat Everton 1-0 at Goodison Park and Leicester City made it seven wins from their last nine with a stunning 5-1 victory over bottom-placed QPR.
Jamie Vardy, Marc Albrighton, Leonardo Ulloa, Esteban Cambiasso and Andrej Kramaric were all on target as the Foxes finished the season in 14th position after being deeply entrenched in a relegation battle only weeks ago.
2014/15 Barclays Premier League - final day scores