& has higher precedence than ==. Write:
my_df.ix[(my_df.CHUNK_NAME==chunks[0])&(my_df.LAMBDA==lam_beta[0][0])]
^ ^ ^ ^
& has higher precedence than ==. Write:
my_df.ix[(my_df.CHUNK_NAME==chunks[0])&(my_df.LAMBDA==lam_beta[0][0])]
^ ^ ^ ^