As there are female Gallifreyans, there are female Time Lords (sometimes called Time Ladies).
To date, the series has featured several confirmed female Time Lords: Rodan ("The Invasion of Time"), Romana, Flavia, Darkel (a.k.a. the Inquisitor), the Rani, and the unnamed woman who appears in "The End of Time". The voices of several female Time Lords are also heard in "The Doctor's Wife".
As there is some fan debate as to whether all Gallifreyans are Time Lords or not (the classic series suggests not, the revived series suggests yes), it cannot be said for certain if Susan is a Time Lord, too, nor the version of Clara seen meeting the First Doctor in "The Name of the Doctor". Jenny, an artificially created offspring of the Doctor ("the Doctor's Daughter") is described as being Time Lord; River Song is said to be part Time Lord. The audios, comic strips and novels have featured other female Time Lords, while "Death Comes to Time" (webcast) has Ace training to become one.