Born in Welver, North Rhine-Westphalia, Lorant commenced his professional career 1970 in the second division with Westfalia Herne. 1971 he moved to Borussia Dortmund. There he was part of a side that lost 1–11 against Bayern Munich and was relegated in 1972. He stuck with the club in its first second division club, but the joined in 1973 Rot-Weiss Essen, a side that just won promotion to the Bundesliga. He stayed with the struggling club around their star Willi Lippens and players like Manfred Burgsmüller and Horst Hrubesch until relegation in 1977. Then he joined 1. FC Saarbrücken for a season, experiencing his third relegation.
The next four-and-a-half years he spent with Eintracht Frankfurt. With this club he won the UEFA Cup 1980, prevailing in the finals against Borussia Mönchengladbach. In 1981, he helped win the German Cup with a 3–1 victory in the final against 1. FC Kaiserslautern. With Eintracht Lorant played amongst others alongside the World Cup winners of 1974 Jürgen Grabowski and Bernd Hölzenbein. Other notable players were Norbert Nachtweih, Bernd Nickel and the Austrian international Bruno Pezzey.
He left Eintracht mid-season 1982–83 for just promoted Schalke 04. By the end of the season he had to face the fourth relegation of his career. He then quickly moved on to second division side Hannover 96, where he ended his time as a professional player after one season.
After a brief stint as part-time coach of an amateur side in 1982 he commenced a full-time coaching career as player manager of SV Heidingsfeld in the Bavarian town of Würzburg from 1984 to 86 and 1986 to 90 with 1. FC Schweinfurt 05, with which he achieved the then amateur third division championship and promotion. From 1990 to 1992 he coached Viktoria Aschaffenburg, also in the third division, where he won the championship in 1992.
After this he was hired by TSV 1860 Munich, a team that then had been dwelling for some years in the third division. He took the club inside two years to the first division and in 1997 qualified for the UEFA Cup, where 1860 was ousted in the first round by Austrian side Rapid Wien. In 2000, he led 1860 into the qualification for the Champions League, where the team lost against Leeds United with 1–2 and 0–1. In the ensuing UEFA Cup campaign 1860 was stopped by Italian club AC Parma: after a respectable 2–2 draw away, 1860 lost the home leg 0–2. In the season a sweltering conflict with club president Wildmoser came to a head after the team lost in the derby against Bayern Munich 1–5 and Lorant was let go.
Notable players during his tenure with 1860 were the German internationals Thomas Häßler and Martin Max who played there from 1999 in the autumn of their careers. Max became twice top scorer of the Bundesliga in this phase. German international Jens Jeremies was discovered at the club during Lorant's tenure. Foreign internationals were amongst others Abédi Pelé from Ghana, Harald Cerny from Austria, Miroslav Stevic from Serbia as well as the Australians Paul Agostino and Ned Zelic. Horst Heldt, Olaf Bodden, Manfred Schwabl and Bernd Trares were further players of note in this era.
In the ensuing years Lorant coached SpVgg Unterhaching and LR Ahlen in Germany, Fenerbahçe, Sivasspor, Kayseri Erciyesspor and Kasımpaşa SK in Turkey, APOEL in Cyprus, Saipa Teheran in Iran, Incheon United in South Korea, Liaoning Hongyun in China and DAC Dunajská Streda in Slovakia. Most of these engagements ended up being very short term and the sides were often struggling to retain the class. With Apoel in Cyprus, where Lorant spent two months in 2005, he became runner-up in the championship, however, the club hoped that he would take them to the title.
In March 2010, he was appointed sports manager of fourth division side Tennis Borussia Berlin, however, the club folded in May.