A lambda form is similar to a function form, except that the function name is replaced by a lambda expression.
A lambda form is equivalent to using funcall of a lexical closure of the lambda expression on the given arguments. (In practice, some compilers are more likely to produce inline code for a lambda form than for an arbitrary named function that has been declared inline; however, such a difference is not semantic.)
For further information, see Section 3.1.3 (Lambda Expressions).