Synthetic Soul is right on the money, anyway from the docs in the LAME bundle available on RareWares.org:
* -b n bitrate
For MPEG1 (sampling frequencies of 32, 44.1 and 48 kHz)
n = 32,40,48,56,64,80,96,112,128,160,192,224,256,320
For MPEG2 (sampling frequencies of 16, 22.05 and 24 kHz)
n = 8,16,24,32,40,48,56,64,80,96,112,128,144,160
Default is 128 kbps for MPEG1 and 64 kbps for MPEG2.
When used with variable bitrate encoding (VBR), -b specifies the minimum bitrate to be used. However, in order to avoid wasted space, the smallest frame size available will be used during silences.
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* -B n maximum VBR/ABR bitrate
For MPEG1 (sampling frequencies of 32, 44.1 and 48 kHz)
n = 32,40,48,56,64,80,96,112,128,160,192,224,256,320
For MPEG2 (sampling frequencies of 16, 22.05 and 24 kHz)
n = 8,16,24,32,40,48,56,64,80,96,112,128,144,160
Specifies the maximum allowed bitrate when using VBR/ABR
The use of -B is NOT RECOMMENDED. A 128kbps CBR bitstream, because of the bit reservoir, can actually have frames which use as many bits as a 320kbps frame. VBR modes minimize the use of the bit reservoir, and thus need to allow 320kbps frames to get the same flexibility as CBR streams.