An LED-based light source for generating light having a selected dominant wavelength λds comprises a package housing a plurality of LEDs consisting of LEDs from first and second wavelength bins. The first wavelength bin comprises LEDs having a dominant wavelength λd1 that is within a first wavelength range and the second wavelength bin comprises LEDs having a dominant wavelength λd2 that is within a second wavelength range. The first wavelength bin can comprise LEDs having a dominant wavelength that is shorter than the selected dominant wavelength while the second wavelength bin comprises LEDs having a dominant wavelength that is longer than the selected dominant wavelength. The wavelength bins and number of LEDs are selected such that in operation the dominant wavelength of the combined light emitted by the source is the selected dominant wavelength. Lighting arrangements and light emitting devices incorporating such light sources are disclosed.