Standard advice for reducing cholesterol is to consume less saturated fat (under 30g per day for men, 20g for women, which is very difficult on low carb diets), increase fibre intake (30g minimum, but over 50g per day seems to be widely suggested - again, not the easiest on low carb), and increasing exercise. Plant sterols can potentially have a beneficial effect, however medical professionals will always recommend statins to most (possibly all?) T2 diabetics, regardless of cholesterol test results. Losing weight and low carb is beneficial to reducing triglycerides (however significant weight loss can also raise your LDL levels until you reach maintainance), but also make sure you fast for 12 hours before any cholesterol blood test and don't consume coffee during that time either. Rigorous exercise can also cause triglyceride levels to increase, so best to avoid doing that immediately before any blood test.
There are various schools of thought on which particular lipid profile results are risk factors, particularly when it comes to ratios between those results. I'm no expert, but
@ianf0ster is very knowledgeable on them.