This article presents a theoretical framework for the concept of the best reconstruction frequency (BRF) of Lamb waves in elastic plates and its significance in the context of structural health monitoring (SHM). The time-reversal process (TRP) of Lamb waves has been widely explored for baseline-free damage detection in thin-walled structures. Previous studies have indicated that the accuracy of damage detection can be significantly improved by exciting Lamb waves at a frequency where the time-reversibility in the undamaged state is maximum within a desired frequency range. This frequency, termed the BRF, has been determined phenomenologically in prior research but lacked a rigorous theoretical foundation. In this study, the BRF is derived as the frequency at which the amplitude dispersion of the main mode of the reconstructed signal after the TRP is minimized. Accordingly, a method is put forth to determine this frequency from a single measurement using a broadband excitation eliminating the need to compute the similarity between the reconstructed and input waveforms at different excitation frequencies. The developed theory is validated with experiments conducted on an aluminium plate with Lamb waves generated and sensed by surface-bonded piezoelectric patch transducers. Notably, the study establishes that the BRF is a system property specific to a given transducer-plate-adhesive system and is independent of the distance between transducers. This characteristic makes it suitable for identifying damage locations when employing multiple sensing paths. The findings constitute an important milestone in understanding the TRP of Lamb waves and developing robust SHM technologies based on it.