Catalyzes the deacylation of cholesteryl ester core lipids of endocytosed low density lipoproteins to generate free fatty acids and cholesterol (PubMed:15269241, PubMed:1718995, PubMed:7204383, PubMed:8112342, PubMed:9633819). Hydrolyzes triglycerides (1,2,3- triacylglycerol) and diglycerides (such as 1,2-diacylglycerol and 1,3- diacylglycerol) with preference for the acyl moieties at the sn-1 or sn-3 positions (PubMed:7204383, PubMed:8112342). {ECO:0000269|PubMed:15269241, ECO:0000269|PubMed:1718995, ECO:0000269|PubMed:7204383, ECO:0000269|PubMed:8112342, ECO:0000269|PubMed:9633819, ECO:0000305|PubMed:15269241, ECO:0000305|PubMed:8112342}. This is the function of ENSG00000107798 (LIPA, lipase A, lysosomal acid type).