The Portuguese star helped his side to a 5-0 aggregate victory over the Bavarian giants last month, scoring twice in a crushing 4-0 second-leg win at the Allianz Arena.
Lahm and Ronaldo clash once more in the group stage at this summer's World Cup and the Germany captain knows what he will be up against.
"Portugal reached the semi-finals of the Euros like us. Cristiano Ronaldo is playing at his devastating best," he told the Times of India.
"And he has a very balanced side with him. They can go far. We too are hopeful since we have a very good side as well."
Lahm believes that there is nothing to say that Germany cannot win the World Cup this summer, despite a decade of near misses in major tournaments.
"Germans have a rich history of playing well in the World Cup. We have reached the last four stage more times than any other country .
"We always play well in June! Our footballers have the ability to win it and we shall do everything to win it."