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The video, which friend Lisa Soderholm posted to Facebook, shows Stephen struggling with the line before the shark suddenly surfaces and steals the bass.
"My wife next to me saw the shark come along the boat, and then it exploded onto our fish," Lamb told the Cape Cod Times.
Lamb said he wasn't too upset to lose his second catch of the day.
"I was happy to lose the fish that way," he told WHDH-TV. "You lose fish all the time, but if a shark got a meal out of it, that was great."
Lamb said the incident marked his second shark sighting in two weeks.
"I think there's a lot more sharks out there than people realize, but don't bother them, they won't bother you," he said.