Correct spelling, explanation: label is the correct form as it was originally French labelle (ribbon).
Lable is probably mistaken with other similarly pronounced words like table. However because of the original loanword, in this case label is the right spelling.
Definition of label:
1. noun, a piece of plastic or paper attached to a product with information about it
According to the label you should wash this sweater in low temperature.
2. verb, to be described on a label; also: about a person, to talk about someone in a stereotypic way
They labelled this coat with fake brand, it’s not original for sure.
Jane was labelled a weirdo in high school because she used to wear strange clothes.
Incorrect spelling, explanation: this form is a mistake, as label is a French-core word (labelle). The spelling remained as in original, but it is probably due to pronunciation that the word is mistaken with spelling
lable. Despite of the pronunciation (ley-behl [(leɪbəl]), label is the correct form.
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