The Lantern Mechanism is one of the many monster drops that can be acquired in the Frontier. Viable methods of acquiring the Lantern Mechanism include the following:
As its description implies, the Lantern Mechanism is a bundle of cogs and strange mechanisms. Two gray metals (eyebrows) can be seen in the bundle, as well as several scrapped parts, and a pair of glowing eyes, one is blue while the other one is red.
The Lantern Mechanism does not have any apparent usages in-game, other than being sold to a selling vendor at a selling price of 2,800 gold.