The fixed point theory is of great importance as it is used as an application for solving differential equations for different types of equations and various applications in physical, engineering, and statistical sciences. This investigation aims to define (λ, ρ)firmly nonexpansive multivalued mappings in modular function spaces and to introduce a new iterative algorithm. Accordingly, some results of approximating fixed points for these mappings are proved with an example. Further, the concept of stability is discussed and supported by an example.