Suarez is expected to return from a knee injury in time for the match, which has taken on must-win status due to both teams losing their opening games of the tournament.
The Liverpool striker, who was voted PFA and FWA Player of the Year last season, is widely regarded as Uruguay's biggest threat, and Lampard acknowledged that the 27-year-old was capable of hurting England.
"He is a fantastic player. He was the best player in the Premier League last year, quite rightly voted for by the other players," Lampard is quoted as saying by PA.
"We know that, it's as simple as that. There isn't some fantastic way of keeping him quiet. All you can do is try to prepare right, defend well individually and as a team and do as well as your can.
"Some players at that top, top level can come up with something off the cuff, which you can't call. But, at the same time, we've got some top-class defenders in our team that can try and stop that."
Italy and Costa Rica currently occupy the top two spots in Group D following their respective victories on Saturday.