Cole will join on dual registration terms from FC United.
The 19 year old was a key player as Bolton u23's won their division last season, but left at the end of his first professional year to join FC United. A left footer who can play at left back or in midfield, Lonsdale's last game for the Rebels was in the 2-1 away win against Kidderminster in October.
Dollies boss Mark Fell says his new recruit can have a big impact at the Giant Axe, "Cole is an excellent player, he's got great ability, is physically well suited to the league and he's got a really professional mentality. He'll fit in well with the group and gives us some left footed balance which we've been missing."
Cole is expected to make his Lancaster debut at the weekend in the FA Trophy at home to Ossett United.
Updated 10:12 - 8 Nov 2018 by Shane Hudson