Use paste
inside expression
to add in the pipes, |
.
xlab(expression(paste("|", beta, "|")))
Which would look something like:

Edit to show how to change fonts
If you're not using greek letters, you don't necessarily need expression
. You can control the family
and face
of the letters via element_text
in `theme. You just need to figure out what you are going for.
Here's one way to change the family and font:
xlab("| r |") +
theme(axis.title.x = element_text(family = "serif", face = "italic"))
To do the same thing using expression
:
xlab(expression(italic("| r |"))) +
theme(axis.title.x = element_text(family = "serif"))
