Cut a hole in a bitmap

1) Open the image in CorelPhotoPaint (PP)
2) Objects > Create from Background - This will create an object from the background and will make the image transperant
3) select the area (Lens in your case) to remove with suitable masking tool. - Most suitable in your case will be an elliptical masking tool
4) Delete the selection -Either you can use delete button or Edit > Cut - You should see grey and white checks which indicate that it is a transparent background
5) Object > Create > New - Create new layer. This will be created above the camera image.
6) place the image on the new layer which you want to see through the removed lens area
7) Tools > Dockers > Object manager - Drag the new layer below the existing layer.
Hope this does your job.