<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001470959</cik>
        <entityName>Life Partners Life Settlement Fund - 1, L.P.</entityName>
        <issuerAddress>
            <street1>204 WOODHEW</street1>
            <city>WACO</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>76710</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>254-751-7797</issuerPhoneNumber>
        <jurisdictionOfInc>TEXAS</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>R</firstName>
                <middleName>Scott</middleName>
                <lastName>Peden</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of LPHI Management Services, LLC, teh general partner of issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Brian</firstName>
                <lastName>Pardo</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>CEO, director of Life Partners Holdings, Inc., parent of issuer's general partner and fund sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <lastName>Martin</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>CFO of Life Partners Holdings, Inc., parent of issuer's general partner and fund sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <lastName>Embry</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>COO and CIO of Life Partners, Inc., affiliate of issuer's general partner and fund advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kurt</firstName>
                <lastName>Carr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>VP-Policy Admin of Life Partners, Inc., affiliate of issuer's general partner and fund advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Deborah</firstName>
                <lastName>Carr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>VP-administration of Life Partners, Inc., affiliate of issuer's general partner and fund advisor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Fred</firstName>
                <lastName>Dewald</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Life Partners Holdings, Inc., parent of issuer's general partner and fund sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tad</firstName>
                <lastName>Ballantyne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Life Partners Holdings, Inc., parent of issuer's general partner and fund sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harold</firstName>
                <lastName>Rafuse</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>204 Woodhew</street1>
                <city>Waco</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>76710</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of Life Partners Holdings, Inc., parent of issuer's general partner and fund sponsor</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Investing</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>No Revenues</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001470959-09-000001</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>FMN Capital Corporation</recipientName>
                <recipientCRDNumber>38105</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>26041 Acero</street1>
                    <city>Mission Viejo</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92691</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Offering is subject to minimum aggregate subscriptions of $10,000,000 and is scheduled to close 12/31/2009</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>900000</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>200000</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Based on minimum subscriptions of $10,000,000.  Sales commissions of up to 9% payable to FINRA members; wholesaling and finders' fees up to 2% are payable subject to legal compliance.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Item 3 related persons receive no compensation or other remuneration from the offering proceeds.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Life Partners Life Settlement Fund - 1, L.P.</issuerName>
                <signatureName>R Scott Peden</signatureName>
                <nameOfSigner>R. Scott Peden</nameOfSigner>
                <signatureTitle>Manager of LPHI Management Services, Inc., General Partner</signatureTitle>
                <signatureDate>2010-02-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
