The Mean Girls star is photographed kneeling over a nude male on a bed, holding a cigarette while placing her other hand on a female model's head.
The other racy pictures shows the 23-year-old in an intimate embrace on a bed and showing off her backside in a bathroom.
Photographer Yu Tsai said Lohan had no qualms getting naked for the shoot, which was influenced by Kate Moss's partying heyday in the 90s.
"There was never a discussion about pushing the boundaries. She was totally comfortable with the nudity as long as it had artistic integrity," The Sun quoted him as saying.
"When you see her nipple, it just happened in the moment. She was playing the role of Kate Moss - you're at a party and you are with a guy you really love and another girl.
"She is stunning and radiates in the pictures. Lindsay is incredibly focused where it comes to her career and fashion is her passion.
"It's raw, it's exposed, this is her at her best. She told me: 'I want to make this iconic,'" he added.