In a small bowl, mix cumin and coriander.
Rinse lamb and pat dry. Sprinkle chops generously on both sides with salt and pepper, then coat both sides with spice mixture, patting so it adheres.
Pour olive oil into a 12-inch ovenproof frying pan over medium-high heat. When hot, set lamb chops slightly apart in pan; cook, turning once, until well browned on both sides, 3 to 4 minutes total (take care not to scorch spices).
Transfer pan to a 325° regular or convection oven and bake until an instant-read thermometer inserted horizontally into center of lamb reaches 125° for rare, 7 to 8 minutes, or 135° for medium-rare, 9 to 10 minutes.