Lambda functions in Python are anonymous functions created using the lambda keyword. They are useful for writing small, simple functions on-the-fly, without the need to define a formal function using the def keyword. Lambda functions are often used as short, throwaway functions in scenarios where a function is needed temporarily, like in sorting, filtering, or mapping operations. Their concise syntax makes them handy for one-liner operations, reducing code verbosity. However, they are limited to single expressions, making them unsuitable for complex logic or tasks that require multiple statements. To know more about Python, one needs to do the Python course from reputed Python Training Institute in Jaipur, Kanpur, Delhi, Lucknow, Indore and many more cities in India.