Abstract The s-wave meson-baryon system with strangeness S = −1 and isospin I = 0 is studied using the Bethe-Salpeter coupled channel formalism incorporating Chiral Symmetry. The needed two particle irreducible potential is taken from lowest order Chiral Perturbation Theory in a relativistic formalism. The KN, πΣ, νΛ , and KΞ two-body channels have been included. Off-shell behavior is parameterized in terms of low energy constants, which outnumber those assumed in previous works and provide a better fit to the data. The masses, widths and branching ratios of the Λ(1405) and Λ(1670) resonances are determined. In our model, we find no one but two resonances in the Λ(1405) region.