Your lungs are located in your chest (the thorax), inside your rib cage, in the space called the thoracic cavity. You have two lungs, one on each side of your chest, with your heart sitting between them, and both lungs rest on the diaphragm, the dome-shaped muscle that contracts and relaxes to pull air in.
According to Cleveland Clinic, the right lung has three lobes (superior, middle and inferior) and is shorter and wider than the left lung. The left lung has two lobes, and its upper lobe has an indent called the cardiac notch that makes room for the heart.
Source: Cleveland Clinic, Lungs: Location, Anatomy, Function
Image: Lungs diagram detailed by Patrick J. Lynch, medical illustrator, CC BY 2.5, via Wikimedia Commons.