This study assessed the effect of jasmonic acid (JA) and salicylic acid (SA) on the in vitro development and production of Lavandula angustifolia Mill. plant material, and the accumulation of polyphenols, chlorophylls, and carotenoids in explants. Results were compared with explants grown in control media and with in-vivo-grown mature and young L. angustifolia plants. After 21 days of incubation, all explants propagated on low-SA-concentration or elicitor-free media produced a greater number of shoots than explants cultivated on media with higher elicitor concentrations. Shoots grew taller when activated charcoal (AC) was added to the elicitor-supplemented media, while AC negatively affected or had no effect on the phytochemical composition of plants. Explants grown in the presence of elicitors had higher polyphenolic and chlorophyll content than the controls, demonstrating the beneficial impact of elicitors on the secretion of secondary metabolites. Lutein and β-carotene were the dominating carotenoids in all samples. Culture media supplemented with 0.5 mg/L JA and 1.5 mg/L SA + AC proved the most suitable to produce plant material with high polyphenol and carotenoid content, comparable with in-vivo-grown plants.