She was killed by Peron, by being stabbed in the back with a knife as a way of sending a message to Sub-Zero that he should have never betrayed Shao Kahn.
It is revealed that Lisa is Sub-Zero's sister, meaning that her parents are also his birthparents as well.
Despite being Sub-Zero's sister, there is no indication whatsoever that her family's name is Liang. In the Mortal Kombat movies universe (which includes Mortal Kombat: Conquest), Sub-Zero was never named as either Bi-Han or Kuai Liang.
Taja protects both Lisa Liang and her mother (played by Peggy Sheffield).
Lisa Liang's father (played by Jeffrey William Evers).