Limited to just 28 games due to a knee injury, Lewis averaged 7.8 points and 3.9 rebounds last season, well below the two-time league All-Star's career averages of 16.1 points and 5.6 rebounds.
Over two seasons, Ariza started all 116 games he played for the Hornets, averaging 10.9 points and 5.4 rebounds while Okafor played three years in New Orleans averaging 10.3 points and 9.1 rebounds.
"We are rebuilding our team and this is one step in our new direction," said Hornets general manager Dell Demps in statement on the team's website.
"This trade will provide an opportunity for our young players to develop and create flexibility to add to our core group moving forward."
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