Had exactly the same problem some weeks back on my 2005, LS430 on 80,000 miles.
Fortunately, I had a code reader and was able to diagnose the problem immediately. Heater element gone on Bank 1, Sensor 1.
Bought a Denso replacement lambda sensor for about £65 on ebay, and my local garage charged £30 to fit it. Problem solved and no warning lights.
Good code readers are available online and not too expensive. As you mention, the socket is down under the dash on the left hand side, but you have to scrabble about finding it. Never ignore warning lights, they will not go away unless action is taken. Good luck for the future.