Lite Cache is a very lightweight caching plugin, simple and effective, which I recommended to all my friends.
Stefano Lissa, the plugin developer has say that all it’s features has been merged in Hyper Cache. You can install Hyper Cache e delete Lite Cache without loose any performance.
To do this the easiest way is to log in wp-admin and install and activate the plugin Hyper Cache Module> Add module then disable and delete Lite Cache plugin.
A more complex but more accurate is to first clean everything related Lite and install Hyper Cache Cache.