Lizarazu was born in Saint-Jean-de Luz, a small village in Basque region of France, in 1969. His first club was Eglantins Hendaje (1977-1989). He then went to Girondins Bordeaux (1989-1996). After playing for Bordeaux, he played for the Spanish club Athletic Bilbao (1996-1997) before he went to Bayern Munich (1997-2005). For a six months, he played for Olympique Marseille (2004). He ended his career in 2005.