Bring a pot of salted water to a boil.
Add lobster tails and cook 5–6 minutes until shells turn red and meat is opaque.
Remove lobster tails, let cool slightly, then remove meat and chop into bite-sized pieces.
In a skillet, melt 2 tablespoons butter over medium heat, add lobster meat, season with salt and pepper, and sauté 1–2 minutes. Set aside.
In a large saucepan, heat olive oil and 2 tablespoons butter over medium heat.
Add finely chopped shallot and sauté 2–3 minutes until soft and translucent.
Add minced garlic and cook 30 seconds until fragrant.
Stir in Arborio rice and toast 1–2 minutes until coated and lightly toasted.
Pour in white wine and cook, stirring, until mostly absorbed.
Add warm stock one ladle at a time, stirring frequently. Let liquid absorb before adding more.
Continue cooking for 18–22 minutes until rice is creamy and tender.
Stir in Parmesan cheese and heavy cream if using.
Fold in sautéed lobster and cook 1–2 minutes until heated through.
Season with salt and black pepper to taste.
Remove from heat and let rest 1 minute before serving.
Spoon into bowls and garnish with fresh herbs, lemon zest, and extra butter or Parmesan if desired.