Lupita, who is renowned for wearing bright coloured make-up, sports vibrant red lipstick and black winged eyeliner in the campaign.
Lupita Nyong'o stars in her second campaign for the French beauty brand
The actress wears a bright fuschia dress with a plunging neckline, which could be a nod to the custom-made Prada dress she wore for the 2014 Oscars, where she scooped up the award for Best Supporting Actress for her role in 12 Years A Slave.
In a behind-the-scenes video, the Mexican-Kenyan beauty revealed what it was like to work with fashion photographers Mert and Marcus, who shot the campaign.
"Working with Mert and Marcus was a lot of fun," she revealed. "They were very precise, very specific about what they wanted, but they did it with such a joy."
Lupita Nyong'o has been the face of Lancôme since April
"Make-up for me is like the frame of an art piece," she added. "Wearing lipstick makes me feel well-dressed."
Lupita was announced as the new face of Lancôme in April earlier this year, becoming the first ever African woman to represent the cosmetics giant.
"I am truly honoured to join the Maison Lancôme, a brand with such a prestigious history that I have always loved," she said. "I am particularly proud to represent its unique vision for women and the idea that beauty should not be dictated, but should instead be an expression of a woman's freedom to be herself."
The bubbly actress also delighted fans earlier this year when she revealed the biggest beauty secret behind her flawless skin.
"Avocado oil is a big thing for me," she told Harpers Bazaar. "I discovered it last year, and at first I was using it on just my body, but then I realised it works on my face, and my hair too for that matter."
"It's a one-stop-shop," she added. "Especially in wintertime when my skin is drier. It really seeps in and leaves it nice and lush."