Assuming la is longer than lb:
>>> import itertools
>>> [x+'_'+y for x,y in zip(la, itertools.cycle(lb))]
['a1_b1', 'a2_b2', 'a3_b1', 'a4_b2']
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itertools.cycle(lb)returns a cyclic iterator for the elements inlb. -
zip(...)returns a list of tuples in which each element corresponds to an element inlacoupled with the matching element in the iterator.