lwo to fbx conversion is almost certainly used for export of 3D models/meshes between LigthWave 3D objects (.lwo) and Kaydara 3D exchange format, perhaps for the purpose of data exchange between different software platforms.
Blender seems like obvious choice to try it out, because you can download and use for free and find tons of guides and other materials to help less experienced users. But the same should be also possible with other 3D modeling solutions or dedicated converters.
Updated: October 6, 2023