UFC officials announced the fight on Saturday. The televised event will take place inside Bridgestone Arena.
Swanson (24-7), 33, will ride a three-fight win streak into the event. He is coming off a unanimous decision over Doo Ho Choi in December, which ESPN.com dubbed 2016's Fight of the Year.
Fighting out of Albuquerque, New Mexico, Swanson has not lost a fight since April 2015.
Lobov (13-12-1) will seek the biggest win of his career against the established Swanson. He is currently on a two-fight win streak, with back-to-back decision victories over Chris Avila and Teruto Ishihara.
The Dublin native is an SBG Ireland teammate and close friend of UFC lightweight champion Conor McGregor.
The UFC also announced a lightweight matchup between Al Iaquinta and Thiago Alves and a flyweight bout between Dustin Ortiz and Brandon Moreno for the April 22 event. Middleweight Sam Alvey will meet Thales Leites as well.