Your question is too broad and generic to answer clearly, but globally no.
Yes because you can create all of your geometry inside H, and import everything inside UE, through the classical "universal" formats (fbx, obj, dae, etc...), as long as you convert it to geometry, or through Houdini engine (I think). But you obviously can't transfer all your material from one dcc to another, and even less from one render engine to another. That's the case from Karma to Lumen, but that would be the case for every other dcc and render engines ! Lumen (UE5 render engine) doesn't work in the same way as Karma. Actually every render engine has its proper way of dealing with materials and shaders (and even material created with redshift in houdini can't be directly exported to another DCC that use Redshift, like C4D for example). You'll have to rebuild your material inside UE5, and even with that way, some functionalities will have to be rebuilt in the manner of lumen (as far as I know, Lumen doesn't accept classic displacement and tesselation, because of the new nanite system that replace it).
From what I understand, you would like to use Lumen as a simple external renderer, it's way more complicated than that, and therefore globally not possible to do without a pretty big rebuilding work (shaders in particular) inside UE5.
More generally, there is no magic way to transfer shaders from any render engines to another without a work of conversion. No silver bullet here.
PS : check here
], the combination of H and UE5 is presented in more details