In this paper we explore the formation of bars and present the bulge and bar properties and their correlations for a sample of lenticular barred (SB0) and lenticular unbarred (S0) galaxies in the central region of the Coma Cluster using HST/ACS data. In our sample, we identified bar features using the luminosity profile decomposition software GALFIT. We classified the bulges based on Sérsic index and Kormendy relation. We found that the average mass of the bulge in SB0 galaxies is 1.48 × 1010 M☉ whereas the average mass of the bulge in S0 galaxies is 4.3 × 1010 M☉. We observe that SB0 galaxies show lower bulge concentration, low mass and also smaller B/T values compared to S0 galaxies. Using the Kormendy relation, we found that among the lenticular barred galaxies, 82% have classical bulges and 18% have pseudo bulges. These classical bulges have low masses compared to the classical bulges of unbarred galaxies. S0, galaxies with massive classical bulges do not host bars. We also found that for all SB0s the bulge effective radius is less than the bar effective radius. SB0 galaxies with classical bulges suggest that the bar may have formed by mergers.