Lomo refers to certain types of analog cameras that became popular in the 80s. Originating from Russia, the Lomo camera became popular for the deep saturation and vignettes that created quirky and offbeat images, and for it's "shoot from the hip" shooting technique.
Today we're going to show you how to make your photos look a la Lomo.
First we're going to create a vignette. Take the lasso tool and draw a circle around the main objects in your photo. Next go to Select > Inverse. Go to your Adjustment Layers icon and add a Levels Layer. Slide the middle arrow towards the right up until you're satisfied. You will see the corners of your image become darker as you move the slider.
Next go to Layers > Flatten Image. Next add a Curves Layer and create a slanted S shape on your curve. This will increase the contrast in your image.
Now add Black Solid Color layer from the Adjustment Layer Menu. Set to Hue and adjust the opacity to below 50% (adjust to your liking).
The final step in this process is to sharpen the image. Go to Layers > Flatten Image.
Next go to Image > Mode > Lab Color. Switch over to the Channels view and select the Lightness channel. Now go to Filter > Sharpen > Unsharp mask. Set the Amount to 50%, Radius to 70-80, and Threshold to 0 (this is all up to you, so adjust until you're satisfied). Click Ok. Go to Image > Mode > RGB Color. Save.
Enjoy your cool new photo!
(tutorial sourced via Digital Photography School)
Learn more about Lomo photography here