Is it OK to cold call in this situation?

As many have stated, 3-betting is your best option here. Though, I gotta disagree with some of the advice given on calling. I think calling with position vs. a LAG can indeed be profitable for a few reasons, including:

-It's likely the entire table has loosened its calling range to cater for the LAG, and thus it's less likely you're pre-dominated, etc.

-You’ll have great implied odds, and will often be paid off very well when you hit.

-Depending on your position, you may be able to isolate the LAG on the flop when you catch a vulnerable hand/draw.

-I think you're passing up many +EV situations when you fold a hand with sufficient equity to call on.

The point I'm trying to convey is there are many instances when calling is far superior to folding. For example, I'd definitely overcall in the following situation. Suppose 3 loose/passive opponents limped, and the LAG raised from MP. You're the CO with KTs, and suspect raising will rarely isolate the LAG. I think the above is a clear-cut example of a great place to overcall. While many situations will rarely be this straight-forward, I think you must give stronger consideration to calling 2 cold in the more marginal situations.

While 3-betting is obviously superior, calling is often a great alternative when some of the benefits of reraising are blunted down, i.e. inability to isolate. Folding may often be the worse line, and may cost you potential profit. Try to open up your cold calling range verse the LAG accordingly.