  By collecting optical and infrared photometry and low resolution
spectroscopy, we have identified a large number of low mass stars and brown
dwarf candidates belonging to the young cluster (~5 Myr) associated with the
binary star lambda Orionis. The lowest mass object found is a M8.5 with an
estimated mass of 0.02 Msun (~0.01 Msun for objects without spectroscopic
confirmation).
  For those objects with spectroscopy, the measured strength of the Halpha
emission line follows a distribution similar to other clusters with the same
age range, with larger equivalent widths for cooler spectral types. Three of
the brown dwarfs have Halpha emission equivalent widths of order 100 \AA,
suggestive that they may have accretion disks and thus are the substellar
equivalent of Classical T Tauri stars. We have derived the Initial Mass
Function for the cluster. For the substellar regime, the index of the mass
spectrum is alpha=0.60$+-0.06, very similar to other young associations.
