Background Lichen planus (LP) is an immune-mediated inflammatory disorder of the skin, mucous membranes, and nails. Several studies have reported a potential association between lichen planus and dyslipidemia, suggesting a possible link between this chronic inflammatory condition and metabolic disturbances. However, existing evidence has shown variable results across different populations. This study was conducted to further investigate the association between lichen planus and dyslipidemia. Methods A comparative cross-sectional study was conducted at Sri Ramachandra Institute of Higher Education and Research, Chennai, from August 2022 to August 2024. The study included 67 clinically diagnosed LP patients and 67 age- and sex-matched healthy controls. Detailed clinical examinations and fasting lipid profiles were performed. Statistical tools such as descriptive statistics, chi-square tests, and paired t-tests were applied. Results Patients with lichen planus (LP) exhibited statistically significant higher total cholesterol (p=0.002) and low-density lipoproteins (LDL) (p=0.002) levels compared to controls in both males and females. However, significantly elevated triglyceride levels were observed only in male LP patients (p=0.04). The high-density lipoproteins (HDL) (p=0.534) levels were similar between both groups. The prevalence of hypertension, diabetes, hypothyroidism, and cardiovascular disease was also higher in LP patients. Duration of illness was positively correlated with dyslipidemia prevalence. Conclusion LP patients exhibit higher lipid levels and comorbidities, highlighting the need for comprehensive management strategies such as routine lipid profile monitoring, early intervention, and lifestyle modification counselling, to mitigate the risk of dyslipidemia to address cardiovascular risk factors.