Stir together olive oil, lemon juice, and thyme in a small bowl. Season with salt and pepper to taste. Place lamb chops in a shallow dish, and brush with the olive oil mixture. Marinate in the refrigerator for 1 hour.
Preheat grill for high heat.
Lightly oil grill grate. Place lamb chops on grill, and discard marinade. Cook for 10 minutes, turning once, or to desired doneness.