Based on the given statements, the third statement is false.
Statement 1: "Siya runs faster than Jiya" → Siya > Jiya
Statement 2: "Lily runs faster than Siya" → Lily > Siya
Combining these two true statements, the actual speed order from fastest to slowest is:
\text{Lily} > \text{Siya} > \text{Jiya}
Therefore, Lily is the fastest and Jiya is the slowest. The third statement claims that "Jiya runs faster than Lily," which directly contradicts our established order.