Sometimes NMinimize of the Norm of an expression with some constraints
NMinimize[{Norm[
(((1 - pi)*(pl - ph)/(1 - ph))^((1 - pi)*\[Lambda]l))*((pi*(pl - ph)/(pl - 1))^(pi)) - ((pi*(pl - ph)*
R/(ph*(pl - 1)))^(pi*(1 - \[Lambda]h)))*(((pl - ph)*(pi*\[Lambda]h + \[Lambda]l - pi*\[Lambda]l)/
(\[Lambda]h*(pl - 1) + \[Lambda]l*(1 - ph)))^(pi*\[Lambda]h + \[Lambda]l - pi*\[Lambda]l))],
0<=pi<=1 && 0<=\[Lambda]h<=1 && 0<=\[Lambda]l<=1 && 1<=R<=2 && 0<=ph<=1 && 1<=pl<=2},
{pi, \[Lambda]h, \[Lambda]l, R, ph, pl}]
can find solutions.
In this case it also complains about some things that you might think carefully about.