The long-time leaders had been second best for all of the first half, but Lampard struck first in the 60th minute to send the 2,800 travelling West London fans wild as the Blues won their first championship crown since 1955.
And while they were still celebrating, Lampard had manager Jose Mourinho dancing with delight on the touchline when he added a second in the 76th minute.
It was all too much for Wanderers, who themselves would have achieved a notable first had they been able to claim the three points.
A win would have given Sam Allardyce's men a place in next season's UEFA Cup, the first time the club had ever qualified for a place in Europe.
As expected Mourinho rested some of the players from the side that had been held by Liverpool in the first leg of the Champions League semi-final.
Joe Cole dropped down to substitute and Glen Johnson was left out with Jiri Jarosik and Geremi coming in as replacements, but there was no room for Arjen Robben, who was reported to have angered his manager by refusing to take his place in the starting line-up against Liverpool.
Wanderers made just one change from the side that drew against Aston Villa a week earlier. England Under-21 international Nicky Hunt dislocated his shoulder for the second time this season in midweek and was replaced at right-back by Vincent Candela, who missed the game at Villa Park after his wife had given birth to a daughter.
That allowed Jamaican international Ricardo Gardner to continue at left-back with Kevin Davies, El-Hadji Diouf and Stelios forming a three-man frontline.
Chelsea knew all about the threat Wanderers posed from throw-ins by captain Jay-Jay Okocha and the game was only three minutes old when their defence came under pressure from such a ploy.
Okocha's throw to the near post was flicked on by Davies, and although the defence managed to make a scrambled clearance, the ball fell to Stelios, whose shot forced Petr Cech into a good save.
Three minutes later, Chelsea were in trouble from another Okocha throw, this time Geremi being booked for jumping in front of the Nigerian as he attempted to take the throw.
Wanderers certainly kept up the pressure on their high-flying hosts and carved out two good chances in the opening 20 minutes. First Cech was called on to save when Gary Speed directed a powerful effort at goal and then the keeper had to work hard when Davies met a Bruno N'Gotty free-kick on the edge of the six-yard box and tried to nod the ball just inside a post.
There was another scare in the Chelsea half when Geremi's missed tackle let in Diouf on the left but with Davies and Stelios waiting in the middle, John Terry was able to intercept the cross.
Not much had been seen of the Chelsea attack, the Wanderers back four keeping a close watch on Eidur Gudjohnsen and Didier Drogba, and Fernando Hierro and Speed forming an effective barrier in midfield.
That left Jussi Jaaskelainen in the Bolton goal virtually untroubled , his only danger in the first half coming from a Jarosik shot from distance that sailed high over the bar.
That changed in the second half as Chelsea swept on to the attack and took the lead in the 60th minute. Lampard, anonymous for most of the first hour after picking up a knock in the first minute, suddenly pounced on a ball outside the Bolton area, cut in past Candela and fired a shot past Jaaskelainen.
That was a cruel blow for a Wanderers defence that had restricted the Blues to having only one other shot on target up to that time, but that did not stop Chelsea's celebrations in front of their cheering fans.
And they should have had another two minutes later when a Lampard free-kick found Ricardo Carvalho free in the six-yard box but hecould not get his head on the ball.
For all that, Wanderers looked as if they had equalised in the 69th minute but for a magnificent save from Cech. The giant keeper made a one-handed save to keep out a close-range Davies header, crashing into the post as he did so, and needing lengthy treatment for it.
All that was forgotten though in the 76th minute as Lampard added his second and championship clinching goal.
With Wanderers committed to attack, the England man suddenly found himself in the clear and he was able to keep his cool to round Jaaskelainen and slot the ball into the net.
MAN OF THE MATCH: Frank Lampard (Chelsea) - He was quiet for so much of the match, but the England international was there when it mattered, scoring the two goals that clinched a deserved championship.