The London side had just beaten Charlton Athletic 1-0 thanks to a last-gasp goal by French midfielder Claude Makelele, his first in the Premier League.
With the title already secured three games early, Saturday's result was secondary, however, to a day of celebration for the club at the last home game of their centenary year.
Chelsea had tracked down 13 members of the 1955 squad who were presented with a replica trophy before the current players.
Ted Drake's team had not enjoyed a presentation ceremony when they won, going home with just a 20-pound bonus or a new suit.
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Terry and Lampard then led laps of honour round Stamford Bridge while manager Jose Mourinho stood back grinning and holding the hands of his two children swathed in Chelsea scarves.
NOT CONTENT
"I'm happy, I'm tired, I'm proud," the Portuguese manager who joined Chelsea from Porto last June, said.
"But it's in my nature not to be content. We want more. This is the beginning of the process not the end," he added.
Fans enjoyed a carnival atmosphere along the Fulham Road outside the ground, usually snarled up with traffic but on Saturday seething with supporters and festooned in blue.
Stall holders did a brisk trade in champions' memorabilia, shirts, flags and scarves.
Owner Roman Abramovich, whose billions have bankrolled the champions for the last two years, wrote a rare piece in the programme for the first time.
"Fifty years is much too long to wait and I am confident that we will not have to wait that long again... I view the championship as just the beginning of a new era for Chelsea and would like to reiterate my long-term commitment to the club."
Players stayed on the pitch parading the trophy for an hour after the presentation, forgetting for the moment their Champions League defeat on Tuesday, when Liverpool knocked them out in the semi-finals 1-0 on aggregate.
Terry described that night in the programme as "The worst I've ever felt after a football match."
Liverpool's winning goal was dubious and Chelsea's goal against Charlton was also controversial.
Makelele scored from a rebound after his penalty had been saved but television replays showed the tackle on Lampard which resulted in the spot-kick was made outside the area.
Mourinho said he had advised that Makelele should take a penalty only if the side were at least 2-0 up and it was late in the game.
"In training yesterday he missed two out of two," the manager laughed.