The 27-year-old joins the club following two years in the ECHL with Alaska Aces where he scored 16 goals with 30 assists in 136 games.
Another new Blaze recruit, Dax Lauwers, iced alongside Lake last season.
Blaze boss Danny Stewart said: “Ben is a guy who has a tremendous amount of intangibles to his game that will make him a very valuable player for us.
“He’s another player that’s tough to play against. He’s a tremendous skater that plays with a lot of grit. He will improve our forecheck this year and he’s another guy that plays a 200-foot game.
“His ability to play all three forward positions is another valuable asset for us and creates movement throughout our line-up when required.
“Through the couple of coaches that I have spoken to about him, it was clear that his best years are ahead of him and I feel Ben has plenty of upside to contribute offensively as well. We’re really happy to have him on board.”
Lake added: “I’m super excited to be making my first foray to Europe. It’s been something that I’ve wanted to do my whole hockey career, especially since both my parents are from England.
“I feel Coventry will be the perfect landing spot for me. I had a few other offers in the league, but speaking with Danny I felt he really wanted me to be a part of the team this year.
“As a player you want to go somewhere where you feel wanted. I’ve also heard great things about the organisation as well as the fans which also factored into my decision.”
Blaze have also confirmed that forward Liam Stewart has left the club after failing to agree terms for next season.
Danny Stewart said, “We have been in discussions with Liam, but we can only be expected to wait so long.
“Inevitably, other options have come our way which we weren’t prepared to miss out on, and so therefore we have had to take the decision to wish Liam all the best in whatever he chooses to do.”