Son of John Bond, Lionel Bond was educated at King's College, Goulburn and studied medicine at St Andrew's College in the University of Sydney. He was a resident medical officer at Sydney Hospital (1904 to 1905), before holding appointments at Toowoomba and Goodna Mental Hospitals in Queensland, and as medical superintendent at the Prince of Wales Hospital at Randwick, Sydney.
His service with the Australian Army Medical Corps in the Australian Imperial Force in World War I was distinguished. After enlistment in 1915, he became registrar of 2 Australian General Hospital and was then posted to 8 Field Ambulance and to 59 Battalion. He was wounded at Bullecourt and at this time was awarded the Distinguished Service Order. It was said in the citation that 'His total disregard of danger under a terrific hail of gas shells, high explosives and shrapnel fire, gained him the confidence of all ranks and greatly assisted the evacuation of the wounded. Later, although wounded and partly gassed, he refused to leave his post, and his bravery and devotion saved a very critical situation'. When he recovered from his injuries, and until hostilities ended, he was with 9 Field Ambulance. After the Armistice he commanded 21 Australian General Hospital and finally 4 Australian General Hospital. He was twice mentioned in dispatches and attained the rank of lieutenant-colonel.
After demobilisation, Lionel Bond resumed practice in neurology and psychiatry at 141 Macquarie Street, Sydney, and as honorary assistant physician and later, honorary physician to the department of psychiatry, Royal Prince Alfred Hospital, and honorary neurologist and psychiatrist at Lewisham Hospital. He was a referee to the Workers' Compensation Commission and psychiatric member of the War Pensions Appeal Tribunal.
His achievements were recognised by his election to foundation Fellowship of the College, but partly due to ill health, he was not an active participant in its early activities. He was by nature courteous, kind and a quiet, retiring man who merited the trust and respect accorded him by his colleagues and patients. He made a valuable contribution to the deliberations of repatriation tribunals and medical military boards. He had married Elsie, daughter of Bray Rutledge, in 1921.