Index: clang/lib/Format/TokenAnnotator.cpp
===================================================================
--- clang/lib/Format/TokenAnnotator.cpp
+++ clang/lib/Format/TokenAnnotator.cpp
@@ -1185,7 +1185,8 @@
       }
       break;
     case tok::arrow:
-      if (Tok->Previous && Tok->Previous->is(tok::kw_noexcept))
+      if (Tok->isNot(TT_LambdaArrow) && Tok->Previous &&
+          Tok->Previous->is(tok::kw_noexcept))
         Tok->setType(TT_TrailingReturnArrow);
       break;
     default:
Index: clang/unittests/Format/FormatTest.cpp
===================================================================
--- clang/unittests/Format/FormatTest.cpp
+++ clang/unittests/Format/FormatTest.cpp
@@ -21338,6 +21338,7 @@
   verifyFormat("int c = []() -> int * { return 2; }();\n");
   verifyFormat("int c = []() -> vector<int> { return {2}; }();\n");
   verifyFormat("Foo([]() -> std::vector<int> { return {2}; }());");
+  verifyFormat("foo([]() noexcept -> int {});");
   verifyGoogleFormat("auto a = [&b, c](D* d) -> D* {};");
   verifyGoogleFormat("auto a = [&b, c](D* d) -> pair<D*, D*> {};");
   verifyGoogleFormat("auto a = [&b, c](D* d) -> D& {};");