This paper provides insight into how the core elements of the Ontolex-Lemon model are integrated in the Wikibase Ontology, the data model fundamental to any instance of the Wikibase software. This includes Wikidata lexemes, which today is probably the largest Ontolex-Lemon use case, a dataset collaboratively built by the community of Wikidata users. We describe how lexical entries are modeled on a Wikibase, including the linguistic description of lexemes, the linking of lexical entries, lexical senses and lexical forms across resources, and links across the domain of lexemes and the ontological part of a Wikibase knowledge graph. Our aim is to present Wikibase as a solution for storing and collaboratively editing lexical data following Semantic Web standards, and to identify relevant research questions to be addressed in future work.