Lerman studied at the Technion-Israel Institute of Technology, where she received her bachelor's and master's degrees in chemistry. She received her Ph.D. from the Weizmann Institute of Science. After completing research at Cornell University, Northwestern University, and ETH Zurich, Lerman in 1977 joined the faculty at Columbia College in Chicago. She founded and chaired Columbia's Department of Science and Mathematics in 1981, and ten years later, she became the first Distinguished Professor and Head of the newly established Institute for Science Education and Science Communication. She is the creator and advocate for the Biennial Malta Conferences, which promote international scientific cooperation and diplomacy by convening scientists from 15 Middle Eastern nations.