Here is a rather extreme example. Let 1 generate a lattice in R1, and let π generate another lattice in R1. Their intersection is 0. Well this is a lattice, in zero dimensions.
Here is a more typical example. the multiples of 2, and of 3, form two lattices in R1. Their intersection is the multiples of 6, another lattice in R1. If R is a ufd, and two lattices in R1 are generated by x and y, the intersection is a lattice generated by lcm(x,y).
If R is a pid the intersection is always a lattice of some dimension. The intersection is an R submodule of a free module, hence it is free. Tensoring either of the parent modules maps onto Kn. Tensoring with a submodule is not always well behaved, but in this case, since modules are torsion free, the tensor product continues to embed in Kn. The image may be a subspace of Kn, whence the lattice lives in a lower dimension. Thus the intersection of two lattices in Kn, or subspaces thereof, gives a third lattice in Kn, or a subspace thereof.
Although the intersection is always n dimensional, I don't know of an efficient procedure for building a basis. There may not be one.