Lord Knight is a rank and title of Karameikan nobility, as instituted by the Grand Duke upon his conquest of the territories.
A Lord Knight holds the title of Knight, but also has land holdings and therefore also considered a Lord. Not all knights are lords, just as not all lords are knights. The female equivalent of a Knight is a Dame, just as the female equivalent of a Lord is a Lady.
Lord is a hereditary title given to any male who holds land in the name of the Grand Duke. The title of Knight is not hereditary in Karameikos. A Knight, however, is someone who has provided the Grand Duke with heroic service. Therefore, although a Lord Knight might hold less land than a Lord, he is generally considered to be senior in rank.
Lord Knights enjoy certain privileges -such as the right to the hospitality of any noble household or guard post in the Grand Duchy, comparatively easy access to the Grand Duke at (relatively) short notice and the right to commandeer horses from other nobles and legion units when on urgent business.