Acoustoelasticity, or the change in elastic wave speeds with stress, is a well-studied phenomenon for bulk waves. The effect of stress on Lamb waves is not as well understood, although it is clear that anisotropic stresses will produce anisotropy in the Lamb wave dispersion curves. Here the theory of acoustoelastic Lamb wave propagation is developed for isotropic media subjected to a biaxial, homogeneous stress field. It is shown that, as expected, dispersion curves change anisotropically for most stresses, modes, and frequencies. Interestingly, for some mode-frequency combinations, changes in phase velocity are isotropic even for a biaxial stress field. Theoretical predictions are compared to experimental results for several Lamb wave modes and frequencies for uniaxial loads applied to an aluminum plate, and the agreement is reasonably good.