This article presents a model-free λ-policy iteration ( λ-PI) for the discrete-time linear quadratic regulation (LQR) problem. To solve the algebraic Riccati equation arising from solving the LQR in an iterative manner, we define two novel matrix operators, named the weighted Bellman operator and the composite Bellman operator. Then, the λ-PI algorithm is first designed as a recursion with the weighted Bellman operator, and its equivalent formulation as a fixed-point iteration with the composite Bellman operator is shown. The contraction and monotonic properties of the composite Bellman operator guarantee the convergence of the λ-PI algorithm. In contrast to the PI algorithm, the λ-PI does not require an admissible initial policy, and the convergence rate outperforms the value iteration (VI) algorithm. Model-free extension of the λ-PI algorithm is developed using the off-policy reinforcement learning technique. It is also shown that the off-policy variants of the λ-PI algorithm are robust against the probing noise. Finally, simulation examples are conducted to validate the efficacy of the λ-PI algorithm.