This study introduces an advanced extension of the Lomax distribution, a versatile statistical model widely employed in the analysis of failure and service times. The extended model offers improved analytical capabilities by incorporating additional parameters, enabling a more nuanced representation of complex data patterns. Through rigorous investigation, we unveil the statistical properties of this extended Lomax distribution and demonstrate its efficacy in enhancing the precision of failure and service times data analysis. The findings provide valuable insights for researchers and practitioners engaged in reliability studies and time-to-event analyses.