Lonsdale, 19, featured for Bolton’s Under 23s last season in his first season as a professional, but left in the summer to move to Broadhurst Park.
Dolly Blues boss Mark Fell told the club’s official website: "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."
Lonsdale can play at left back or on the left hand side of midfield and last played for FC United in a 2-1 win at Kidderminster last month.
He is expected to make his debut on Saturday as Lancaster host Ossett United in the FA Trophy.
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