Do you have the same film aperture (or film back, or sensor size) settings in both TG and LW? The field of view is a function of not only the focal length but also the aperture.
Terragen's default film aperture is 36mm x 24mm. Often you will work with a camera that has a smaller aperture than that. A smaller aperture results in a smaller FOV (i.e. higher zoom).
So the first thing to do is match the film back (or film aperture, or sensor size) settings between both cameras, as well as the focal length. Then there's another thing to consider. Terragen's camera defaults to "Horizontal FOV". If the aspect ratio of the film aperture is the same as the aspect ratio for the image, then it makes no difference whether you choose horizontal FOV or vertical FOV. But if the aspect ratios are different, Terragen has to make a choice about which dimension to use for its calculations. To avoid this ambiguity, it's a good idea to set the aspect ratio for the aperture to be the same as that for the image. Since you're matching an existing Lightwave camera, that might not be possible, so just make it the same as the Lightwave camera, and if it still doesn't match, then you might need to switch to vertical FOV mode.
Matt