Recently, a large number of pesticides with different chemical structures and modes of action (MOAs) have become regularly used in agriculture. They are used to control the insect populations in various crops. Foliar application of pesticides may negatively affect crop physiology, especially photosynthesis. However, the sensitivity of particular crops, especially their primary and secondary photosynthetic processes, to insecticide application is generally unknown. Our study aimed to evaluate the negative effects of lambda-cyhalothrin (λ-CY) on photosystem II (PSII) in Malva moschata (Musk mallow). We used fast chlorophyll fluorescence transients (i.e., OJIPs) and OJIP-derived parameters, the effective quantum yield of PSII (ΦPSII), induction curves of non-photochemical quenching (NPQ) and spectral reflectance curves and indices. The recommended concentration (0.05 μM) and a 10 times higher concentration (0.5 μM) of λ-CY did not cause any negative effect on photosynthetic parameters. An overdosed foliar application (100 times higher than recommended, i.e., 50 μM) led to changes in OJIP shape; a decrease in performance index (PIABS), maximum photosynthetic yield (FV/FM) and photosynthetic electron transport (ET0/RC); and an increase in protective mechanisms (unregulated quenching, DI0/RC). These changes lasted only tens of minutes after application, after which the parameters returned to pre-application values. An overdosed λ-CY application caused more rapid activation of NPQ, indicating the early response to stress in PSII. The application of 50 μM λ-CY caused an increase in spectral reflectance above 720 nm and changes in the indices that indicated λ-CY-induced stress.