Nicknamed Mister NAC due to his long-time association with hometown club NAC Breda, where he played from 1978 to 1982 and later from 1991 to 1996, Lokhoff also appeared for the Dutch national team three times between 1984 and 1985. He also played in the Netherlands for PSV Eindhoven and Feyenoord, and in France for Nîmes Olympique. He retired in 1996.
Lokhoff started his coaching career again at NAC Breda, serving as the club's head coach from 2003 to 2005. He was then appointed the head coach of Excelsior in the summer of 2006, when he succeeded Mario Been. Lokhoff's contract at Excelsior expired in the spring of 2009, and he was then replaced by Alex Pastoor who then managed to lead the club to promotion to Eredivisie. From September 2009 he was named as an assistant trainer for FC Red Bull Salzburg under fellow Dutchman Co Adriaanse.
In December 2011, Lokhoff signed a contract from January 2012 until the end of the season with VVV-Venlo. He succeeded Belgian boss Glen De Boeck who had ended his contract because of a lack of confidence in achieving with the current squad. After the relegation of the team in June 2013, Lokhoff was sacked. He joined Huub Stevens as assistant manager of P.A.O.K..
On 10 March 2014 Lokhoff joined Stevens as assistant manager of VfB Stuttgart.