The jury found the 36-year-old guilty of three terrorism-related charges and Lodhi now faces a maximum penalty of life in prison.
The NSW Supreme Court jury deliberated for 5 days before finding Lodhi guilty on all but one count of preparing for a terrorist act.
Crown prosecutors alleged that in October 2003 Lodhi was planning a bomb attack, motivated by violent jihad.
Lodhi was convicted of buying maps of the national electricity grid, possessing instructions on how to make explosives, detonators and poisons and inquiring about purchasing chemicals, all in preparation for a terrorist act.
But, the Pakistani-born Australian was acquitted of downloading aerial photographs of three Defence facilities in Sydney including the Holsworthy Barracks, in connection with terrorism.
Prosecutors had previously linked Lodhi to terrorist-suspect Willie Brigitte and alleged that he had trained with Lashkar-e-Taiba, a militant Pakistani group that Australia has banned as a terrorist organisation.
Lodhi pleaded not guilty to the charges and told the court he was trying to establish an import and export business with his family in Pakistan.
During the seven-week trial the defence had argued that the case against their client was largely circumstantial and based on speculation.
Attorney General Phillip Ruddock says he won't comment on a possible sentence.
"Obviously the evidence being there and jury having found him guilty, I welcome that outcome but in relation to the penalty that's not a matter for me to comment on," Mr Ruddock told reporters in Canberra.
Justice Anthony Whealy has remanded Lodhi in custody. A sentencing hearing is scheduled for the 29th of June.