The Blues were put to the sword by a clinical Liverpool side despite the visitors playing very well.
Liverpool were three nil up after 43 minutes into the game before Olivier Giroud gave Chelsea a glimpse of hope on the cusp of halftime to make the score 3-1.
The Reds restored their three goal advantage right after the break when Roberto Firmino headed home a Trent Alexander-Arnold cross.
Substitutes Tammy Abraham and Christian Pulisic scored to bring the Blues within one midway through the game, but Liverpool showed their superiority once more as a blistering break ended in Alex Oxlade-Chamberlain scoring the hosts' fifth.
In an interview after the game, Lampard posited that it was an ‘extraordinary’ game and admitted Chelsea were in the game even after going down by three goals.
“It was extraordinary, even when you say they that started to run away with it I thought we were in it,” the former Derby County manager said.
"In match-play we were OK. They're a fantastic team and we can't afford to make those mistakes.”
“If we don't concede a fifth I thought we were coming.”
"We have to suck this in and accept it here tonight because it's where we want to get to."
Chelsea remain in fourth following Manchester United's 1-1 draw with West Ham earlier on Wednesday, and both Lampard’s men and the Red Devils need a point in their final game to secure a Champions League spot.
Chelsea host Wolves, and Manchester United go to Leicester, who need to win to secure a top-four spot.
