The French international striker scored after 14 and 27 minutes -- his 18th and 19th league goals of the season -- to further enhance a big reputation and to set Lyon on their way to a comfortable win.
With fellow title contenders, leaders Olympique Marseille and champions Paris Saint-Germain, both having lost in the previous two days, Lyon greedily took their chance with Nabil Fekir sealing victory with the third after 48 minutes.
The victory left Lyon on 42 points, one point clear of Marseille, three ahead of Saint-Etienne and four in front of PSG.
Once again, Lyon were indebted to the 23-year-old Lacazette, whose striking exploits are increasingly attracting the interest of Europe's marquee clubs.
He opened the scoring, finishing clinically after being freed by a through ball from Fekir. Then he scored his 22nd goal in all competitions, making him easily the top scorer in French football this season, by firing another low shot past Toulouse keeper Ali Ahamada.
The game was put beyond doubt when Rachid Ghezzal's brilliant through ball allowed the onrushing Fekir to convert his eighth league goal of the campaign.
Lyon's lead at the top may be narrow but Lacazette's exploits will increasingly fuel their fans' dream of the possibility of a first title since the last of their seven consecutive league wins in 2008.
Monaco and Girondins Bordeaux missed out on the chance to put more pressure on the top four teams as they played out a goalless draw.
It left Monaco fifth, five points adrift of PSG, and Bordeaux sixth.
Nantes also drew 0-0 at home to Metz to stand seventh in the table.
(Writing by Ian Chadband, editing by Pritha Sarkar)
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