In most instances, no, Wikipedia does not lie. Numerous volunteer editors constantly remove information found to be false or poorly sourced. Occasionally a vandal may add false information, but that is usually quickly removed. The serious problem Wikipedia does have results from editors, usually groups of editors, which have a controversial point of view they want to put over as fact. For example, to chose one of the less controversial bones of contention, it is the position of the Turkish government and numerous Turks that the Armenian genocide never happened. Given a chance, which they are usually not, they will put information into Wikipedia to that effect. That is an example of a failed attempt to insert false information into Wikipedia, but not all such attempts fail. The articles I have had the most experience with are the ones which concern Stalin and his activities and the one on the Tiananmen massacre. Stalin and his Red Chinese heirs have modern followers who attempt to whitewash their activities and fight hard on Wikipedia to fudge clear and accurate reports of their activities. For example, despite eye witness accounts by credible observers of protesters being shot within Tiananmen Square for some time on Wikipedia the fiction put out by the Chinese government that there were no killing within the Square itself was parroted. A glance at the current article shows that the article has improved somewhat in that respect, although the government lie is still reported.
So lies can be put into Wikipedia and maintained by organized effort. Despite good faith efforts by many Wikipedians, some remain and likely will remain, as some of those supporting biased information have assumed positions of power within Wikipedia's organization.