I have the folowing system of diferential equations in hands,
$$ \frac{dx}{d\lambda} = \frac{d\theta (\lambda)}{d\lambda} \left[ - y + \frac{dr}{d\lambda}\frac{d\lambda}{d\theta}\frac{x}{r}\right] \,\, ,\\ \frac{dy}{d\lambda} = \frac{d\theta (\lambda)}{d\lambda} \left[ x + \frac{dr}{d\lambda}\frac{d\lambda}{d\theta}\frac{y}{r}\right] \,\, , $$
where,
$$ \frac{d\theta}{d\lambda} = \frac{L}{r^{2}} \qquad L \in \mathbb{R}^{+} \,\, ,\\ \frac{dr}{d\lambda} = \pm \sqrt{E^{2} - \left(1-\frac{2M}{r}\right)\frac{L^{2}}{r^{2}}} \qquad E \in \mathbb{R}, \ M > 0 \,\, .\\ r^{2} = x^{2} + y^{2} \,\, . $$
Which give me the following plot when I take $\dot{r} > 0$:
And give me the following system when I take $\dot{r} < 0$:
The black line is the region with $r = 3$. The solutions of this system tends asymptotically to the circle $r = 3$ from bellow when $\dot{r} < 0$ and move away from the circle from above, and vice versa when $\dot{r} > 0$.
The parameters I used in the above were $M=1$, $E^2=\frac{25}{27}$, and $L=5$. Can I say that the circle $r = 3$ is a limit cycle?


Yes, you can. If you insert your parameters and $r=3$ into your differential equations, you will obtain:
Therefore, you have a limit cycle.