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The Li 150 Special was introduced in 1963 with numerious new features. Meant to look sportier than the standard Li, but as a cheaper alternative to the TV, the Special was afforded different styling, in the way of the newly revised Series 3 T.V panel work, including an octagonal headset, front mudguard, horn casting, and side panels. The side panels featured front and rear finger flashes, and two Lambretta badges. A dual seat was also offered as standard. Engine wise the 150 had a change of barrel and head, but strangely not the carburettor of 18mm, giving it a power boost to 8.25bhp compared to the 6.6bhp of the standard L.i. The Gearbox was also reworked, to make use of the increase in power, with new closer ratios. These gearboxes were not without problems however as the third gear was thinner than normal, which caused them to break more easily, so later on this was changed to a thicker one on later models, with slightly different ratios. In the UK the Li 150 Special was marketed under the name Pacemaker.

A 125cc version was introduced in October 1965 and was a more highly tuned up version than the 150. Sporting a 20mm carburettor and also an increase in compression ratio, the 125 gave a power output of 7.12bhp and a top speed of around 50 mph. Where the 125 version rated better than the 150 version, was in acceleration due to low gear. This gearbox went on and found its way in to the later sportier GP 125 and GP200 models. Despite its sporty looks, very few were imported into the UK at the time, as the UK markets desire was in larger capacity machines.

Once more, mid production changes on both the 125 and 150 included moving to a larger headset that eliminated the chrome ring found between headset and horn cast, black switches rather than grey, clip in front fork buffers over the earlier bolt in ones, and clip on side panels inplace of the older handle type. The crested shield badge was replaced by an alloy badge with blue background on later models, as did replacing the metal toolboxes with grey plastic items

Two more models were introduced in 1965, possibly either to help sales, or with the launch of the smaller 125 models. The silver special and the golden special, which was completely (including wheels hubs and forks etc), painted in a pale gold colour. Both models gained a rear frame badge with the wording special, with either golden or silver dependant on the colour, while on the front a chromed silver or golden badge was fitted on the R/H leg shield. The Golden model also gained a brown vinyl seat

By the time production ceased in Oct 1966, 69,529 150 Specials and 29,841 125�s had been produced. With colour options of white or metallic blue for the 125�s, the 150s were available in Silver or Gold from the factory, but as with other models Lambretta concessionaires offered a wider choice, these being green on white, with panel colours of red or blue.