The 23-year-old Lake has excelled in his first season at Triple-A, batting .295 with a .341 on-base percentage and an .803 OPS. Originally a shortstop, Lake has spent most of his time at third base in Iowa but has also played outfield.
The 6-foot-3, 215-pound Lake has four home runs and 18 RBIs along with 14 stolen bases in 40 games with Iowa. He missed most of the first two months of the season with a rib injury he suffered during spring training.
Lake likely will play some outfield with the Cubs in addition to some third base.
Bogusevic is batting .261 in 13 games with the Cubs since being recalled from Iowa last month.
The Cubs open the second half of the season on Friday in Denver against Colorado Rockies.