We investigate by electrical transport the field-induced superconducting state (FISC) in the organic conductor λ-(BETS)2FeCl4. Below 4 K, antiferromagnetic-insulator, metallic, and eventually superconducting (FISC) ground states are observed with increasing in-plane magnetic field. The FISC state survives between 18 and 41 T, and can be interpreted in terms of the Jaccarino-Peter effect, where the external magnetic field compensates the exchange field of aligned Fe 3+ ions. We further argue that the Fe 3+ moments are essential to stabilize the resulting singlet, two-dimensional superconducting state Superconductivity is usually destroyed by diamagnetic currents induced in the presence of strong magnetic fields. This effect has orbital character and prevails in most conventional "s-wave" superconductors that involve singlet state of the Cooper pairs. In addition, superconductivity can also be suppressed by the Pauli pair breaking mechanism: here the external field destroys the spinsinglet state of the Cooper pair, imposing the so-called Clogston-Chandrasekhar paramagnetic limit [1,2]. Nevertheless, and despite these well known physical limitations, S. Uji et al. [3] have recently reported the observation of a magnetic-field induced superconducting phase (FISC) in the quasi-two-dimensional organic conductor λ-(BETS) 2 FeCl 4 for fields exceeding 18 tesla, applied parallel to the conducting layers. This is particularly remarkable since this compound, at zero field, is an antiferromagnetic insulator (AI) below T p ∼ = 8.5K [4]. The AI state is suppressed by the application of magnetic fields above 10 tesla at low temperatures [5].The present work was motivated by the apparent increase in the critical temperature of the FISC above 18 T with increasing magnetic field (Ref. [3]). Here, for instance, in the case of spin-triplet superconductivity, there would be in principle, no limit on the upper critical field. The presence of Fe 3+ magnetic moments, which coexist with the FISC state, adds further appeal to the triplet state model. To clarify the nature of the FISC, we have studied the λ-(BETS) 2 FeCl 4 compound at low temperatures in steady, tilted magnetic fields up to 42 tesla. Our main result is the observation of reentrance towards the metallic state at a temperature-dependent critical field. We obtain a temperature-magnetic field phase diagram for the FISC state, which we interpret in terms of the Jacarino-Peter (JP) field compensation effect [6]. This implies that the Cooper pairs condense into a spin-singlet state. We argue further that the Fe 3+ magnetic state is indeed necessary to stabilize the singlet superconducting state by suppression of diamagnetic currents in the associated in-plane high magnetic fields.λ-(BETS) 2 FeCl 4 (where BETS stands for Bis(ethylenedithio)tetraselenafulvalene) crystallizes in a triclinic unit cell. The BETS planar molecules are stacked along the crystallographic a-axis, and constitute conducting planes parallel to the a-c plane. These conducting layers alternate along the b-axis...