We are given that the direction cosines of a line are $\lambda, \lambda, \lambda$. The sum of the squares of the direction cosines of a line is always equal to 1:
\[
\lambda^2 + \lambda^2 + \lambda^2 = 1.
\]
This simplifies to:
\[
3\lambda^2 = 1.
\]
Solving for $\lambda$, we get:
\[
\lambda^2 = \frac{1}{3}.
\]
Taking the square root of both sides, we get:
\[
\lambda = \pm \frac{1}{\sqrt{3}}.
\]
Thus, the correct value of $\lambda$ is $\pm \frac{1}{\sqrt{3}}$.