SharePoint Migration Tool Migration Support for Lists With Lookup Fields
Currently, when migrating a list with a lookup field using the SharePoint Migration Tool 2.0, a failure occurs stating that the list with the GUID cannot be found. The dependency lists were migrated successfully, however, when migrating the list with the lookup fields, it is looking for a list with a GUID that doesn't exist. When the dependency lists are migrated over, they get new GUIDs.
Derek D'Amore commented
Can't believe this doesn't have any comments or upvotes - ridiculous that we are basically forced to use use crazy workarounds or third-party tools for a standard setup in most sites...