A hypothesis is presented for the universal properties of operators evolving under Hamiltonian dynamics in many-body systems. The hypothesis states that successive Lanczos coefficients in the continued fraction expansion of the Green's functions grow linearly with rate $\alpha$ in generic systems, with an extra logarithmic correction in 1d. The rate $\alpha$ --- an experimental observable --- governs the exponential growth of operator complexity in a sense that is made precise. This exponential growth prevails beyond semiclassical or large-$N$ limits. Moreover, $\alpha$ upper bounds a large class of operator complexity measures, including the out-of-time-order correlator. As a result, a sharp bound is obtained on Lyapunov exponents $\lambda_L \leq 2 \alpha$, which complements and improves the known universal low-temperature bound $\lambda_L \leq 2 \pi T$. Our results are illustrated in paradigmatic examples such as non-integrable spin chains, the Sachdev-Ye-Kitaev model, and classical models. Finally hypothesis is used in in conjunction with the recursion method to develop a technique for computing diffusion constants.
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