For 2007, Lazier had no team to drive for the entire season. Lazier drove for Sam Schmidt Motorsports, a team owned by Lazier's former competitor Sam Schmidt, at the Indianapolis 500. Lazier drove the No. 99 Dallara IR05-Honda. Lazier qualified for the race on the second day of qualifying in 22nd place. Lazier had been bumped from the field earlier in the day by Buddy Rice and later bumped Jon Herb from the field. Towards the end of the qualifying day, Lazier's brother Jaques Lazier attempted to qualify for the race, but his speed was too slow and he was waved off. In the race, Lazier ran in the middle of the field and was never in contention for a top 10 finish. Lazier finished in 19th place, two laps down, in the rain-shortened race. Indianapolis was the only race that Lazier competed in during the season and he finished in 28th place in the final championship standings with 12 points.