When you lock a file, it will be locked and become read-only. So you can restrict other users from edit anything like changing file status, file type, file name, uploading new version, adding layouts, adding associated files and delete files. Users can download, copy or share locked files with permissions.

A locked file can be un-locked only by the user who has locked it or admins or the user who has un-locking permission.

How can I lock a file?

Click on Lock option in file actions.
Same way, you can unlock files as shown in below,

Lock & Unlock Files
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