Traditionally Lager malt is a different variety of Barley (Triumph here in the UK IIRC) rather than Otter, Pipkin, Halcyon, Golden Promise . . . . and it has a higher % Nitrogen than Pale Malts . . . Although today that is no longer the case.
And yes it is kilned lighter . . . you may notice a less malty profile as well . . . Other than that they can be used interchangeably in most recipes . . . I wouldn't do a 100% lager malt brew though and expect to get the same taste profile as I would have got with Pale Malt.