Check your spark plugs and wires. I had a bad distrubutor (Mercury Cougar) with this code. But we have a coil-on-plug system. I'm sure you can google how to check that. You could also have a leak in your exhuast. Have you upgraded your exhaust system (other than just a cat or axle back)?
Also, give us some info on your car please
EDIT:
Here's what I found from Google.
•Leaded fuel was used where unleaded was called for
•An oxygen sensor is not reading (functioning) properly
•The engine coolant temperature sensor is not working properly
•Damaged or leaking exhaust manifold / catalytic converter / exhaust pipe
•Retarded spark timing
•The oxygen sensors in front and behind the converter are reporting too similar of readings
And solutions:
•Check for exhaust leaks at the manifold, pipes, catalytic converter. Repair as required.
•Use a scope to diagnose the oxygen sensor operation (Tip: The oxygen sensor in front of the catalytic converter normally has a fluctuating waveform. The waveform of the sensor behind the converter should be more steady).
•Inspect the downstream heated oxygen sensor (HO2), replace if necessary
•Replace the catalytic converter