A jury at Liverpool Crown Court today (June 10) took just 29 minutes to find the 42-year-old not guilty of all charges.
The actor's wife Louise was present in court to see him cleared and burst into tears when the verdict was announced, Sky News reports.
Lancel, who played Frank Foster in the ITV soap, had been accused of committing the offences in 1994, when he was a trainee actor in Southport.
He was charged in late November last year but had always vigorously denied the allegations.
Lancel was originally facing six charges, but last week Judge Clement Goldstone told jurors that he would instruct them to find the soap star not guilty of two of the counts. This came after his accuser stated that he could not remember when they had happened.
The soap star played the role of Frank on Coronation Street for just over a year between 2011 and 2012. He is also well known for his part as DI Neil Manson in The Bill.