Major Lalit Prakash Sharma was born on 04 October 1974 in Dehradun, Uttarakhand. He came from a family with a military background; his father, Lieutenant Commander S. P. Sharma, served in the Indian Navy. Major Sharma trained at the Officers Training Academy in Chennai and was commissioned into the Indian Army. He served with the 3rd Battalion of the Rajput Regiment (3 Rajput).
During his service, Major Sharma was deployed in Jammu and Kashmir, where his unit undertook counter-insurgency duties. In January 2004, intelligence indicated the presence of armed terrorists in the higher reaches of the Bandipora area. A search operation was planned, and Major Sharma led troops towards the identified location.
On 17 January 2004, the troops made contact with the terrorists and came under heavy fire. Major Sharma continued directing the engagement despite being seriously wounded. The encounter resulted in the elimination of six terrorists. Major Sharma and three other soldiers were injured and later succumbed to their injuries.
For his courage and leadership during the operation, Major Lalit Prakash Sharma was posthumously awarded the Shaurya Chakra in 2004. He is remembered for leading his men during a difficult operation and continuing to perform his duty despite grave injuries.