We intend to study a new class of cosmological models in f(R, T) modified theories of gravity, hence
define the cosmological constant Λ as a function of the trace of the stress energy-momentum-tensor T and
the Ricci scalar R, and name such a model Λ(R, T) gravity where we have specified a certain form of
Λ(R, T). Λ(R, T) is also defined in the perfect fluid and dust case. Some physical and geometric properties
of the model are also discussed. We study the behavior of some cosmological quantities such as Hubble and
deceleration parameters and also the redshift function. The model is innovative in the sense that it has
been described in terms of both R and T and display a better understanding of the cosmological observations.