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Yes there are two Lambda sensors on all EOBD equipped petrol cars,one before the cat and one after it(commonly known as upstream and downstream).
It is quite possible that the other one is faulty or the cat is faulty(causing the same fault),especially if you have had any
If you post your query in the electronics section of the forum it will have a larger audience and other people will add their thoughts.
I'd rather push my Alfa than drive a BMW....
Currently in Lagdti's garage:
2004 Saab 9-5 HOT Aero and a 2001 Audi A3 1.8 Turbo