Born 3 April, 1882 in Toronto, Ontario to Conrad Colhurst Lally and Lucy Wells, Conrad T. Lally spent his childhood in Toronto before leaving Upper Canada College at the age of fifteen. Shortly thereafter, Lally became involved in finance and banking and moved to Banff, Alberta in 1906 where he opened up the first Imperial Bank of Canada Branch in the area. In 1907, only one year later, Lally moved to Wainwright, Alberta to open a convenience store. Sometime between 1907 and 1915 Lally became mayor of Wainwright. At the outbreak of the First World War in 1915 Lally, who was then thirty-three years old, enlisted in the Royal Flying Corp and paid his own way to travel overseas to England, leaving Canada on the 25th December, 1915.
After training with 28 Training Squadron, upon graduation (24/06/1916) Lally was appointed Flying Officer and was posted to 24 Flying Squadron. He was further promoted to the rank of Captain and moved to 25 Squadron (11/04/1917). His duties included reconnaissance, bombing raids, and active engagements with enemy aircraft. In December 1917 Lally and his observer, Lieutenant J.E. Cole, were shot down and wounded, but both quickly recovered. On 13 September, 1918 Lally was once again hit by enemy fire and crashed his aircraft into a tree where he sustained serious injuries to his head and face. A telegram back home to his mother shortly after the incident stated that it was just a 'scratch' and 'not serious.'
After the First World War Lally returned to Wainwright where he received the position of 'Postmaster.' At the outbreak of the Second World War Lally attempted to enlist once again, but turned down the counter-offer to serve as a flight instructor. Conrad T. Lally died 5 August, 1941 after suffering a heart attack. He was fifty-nine years old. For his dedication and skills during the First World War he was awarded the Military Cross and Bar, Air Force Cross, British War Medal 1914-1920, Victory Medal, and the French Croix de Guerre with Palm Leaves. He was credited with shooting down five enemy aircraft.