Lake joins fellow premiership star David Hale in calling time on his career on Tuesday.
He joined Hawthorn in 2013, after 197 games with the Western Bulldogs in an eleven year career at the Kennel.
The 33-year-old went on to play 51 games for the Hawks in three years with the club, winning three premierships and winning the 2013 Norm Smith Medal.
He will be remembered as one of the best bargains in history, being selected with the No. 71 pick in the 2001 National Draft, before establishing himself as one of the premier key defenders in the competition. He was then traded to Hawthorn for picks 21 (Nathan Hrovat) and 43 (Josh Saunders) during the 2012 trade period.