You are correct that the proposition is false, if it's a proposition that is being claimed for all products $ab$ of arbitrary $a\,b, \in G$. And your counterexample is a very good one: provided you specify that $|G| = |\langle x\rangle| = 4$ (so you need to make that explicit).
For the sake of transparency, perhaps make explicit what you want to denote as $a$, as $b$, and $G$. For example, we could put $G = \mathbb Z_4$ (the additive group of integers modulo $4$, with specific elements $a = 1$, $b = 3$ such that $|a| = |b| = 4$.
Then as you rightly claim, $|a| = m = 4 = n = |b|$, but $|ab| = 1 \neq \operatorname{lcm}(m, n) = 4$.
Unless $\gcd(|a|, |b|)=1$ is given we can't say that order of $ab$ is same as lcm$(|a|, |b|)$. We can only make such a claim provided $G$ is abelian and $\gcd(|a|, |b|) = 1$, i.e., if the orders of $a$ and $b$ are relatively prime.
ADDED:
Given the OP's edited question: Existence is easily established.
In every group $G$, the following holds: $\exists e \in G$, so put $a = b = e$. Then $ab = e^2 = e$ and $|ab| = |e| = 1 = \operatorname{lcm}(|a|, |b|)$.
So trivially, yes, for every group, there exists $(a, b)$ such that $|ab| = \operatorname{lcm}(|a|, |b|)$.