You have a vectorial equation. For each coordinate you have an equation of the form
$$\frac{A\lambda + B}{C\lambda + D} = \mu \qquad \qquad (*)$$
for $A=(p_1)_i-(p_2)_i, B= (p_2)_i, C = b-c, D = c, \mu = \frac{a(p_1)_i}{b} + \frac{(1-a)(p_2)_i}{c}$ where $(p_j)_i$ denotes the $i$-th coordinate of the vector $p_j$.
Assuming this equation has a solution, then it can easily be solved for $\lambda$ and results in
$$\lambda = \frac{D\mu - B}{-C\mu+A} \qquad \qquad (**)$$
This can be done by considering it as a Möbius transformation and applying the inversion or by manually calculating:
$$\begin{align*}(*) & \iff A\lambda + B = \mu(C\lambda+D) \\
& \iff (A-\mu C) \lambda = \mu D - B \\
& \iff (**) \end{align*}$$
The approach using the Möbius transformation also allows us to determine a criterion whether it is indeed solvable for $\lambda$: It is solvable for $\lambda$ if the determinant $AD-BC \neq 0$.
This means your original equation is solvable is this determinant is nonzero for all coordinates $1\leq i \leq n$.