check engine light and traction light on with O2 sensor code

good afternoon, i have a CEL with O2 sensor (bank 2 sensor 2) as well as traction light. It appears the Traction control is non-functioning. Do these issues go hand in hand? Can i assume if i change out the O2 sensor the TC will function normal?
2010 Tacoma TRD Sport V6
213k km's. (133k mi)

 

Since the traction control may intervene using engine overrides it is often disabled with engine trouble codes.

 

Yes, it will be resolved with the replacement. If you can read the code you should be able to clear it to see that the o2 code is causing the traction light as well.

 

thanks to Bishop84 and ShimStack for your replies. O2 sensor on order. Dealership here in Alberta wanted $270 for the downstream sensor. Rock Auto was 52$ plus shipping. Amazon $63 all in. Shocker.