We work out the semileptonic $Lambda_brightarrow Lambda ell^+ ell^-$ transition in standard as well as different supersymmetric models. In particular, considering the parametrization of the matrix elements entered the low energy effective Hamiltonian in terms of form factors in full QCD, we calculate the amplitude and differential decay rate responsible for this decay channel in supersymmetric models. We then use the form factors calculated via light cone QCD sum rules in full theory to analyze the differential branching ratio and lepton forward-backward asymmetry of this decay channel in different supersymmetric models and compare the obtained results with those of the standard model. We also discuss how the results of different supersymmetric models deviate from the standard model predictions and which SUSY scenarios are favored.