As you will have realised, this is not a lakeside walk, but a mountain hike. So here, hiking means going up and down. Which means you need to be in good physical shape, and be an experienced hiker. This adventure will require proper preparation, at least a reference map, following the signs and keeping in visual contact with the lake, the best way to never get lost. And if you've opted for a route that requires more than a day in the wilderness, hiking will also mean camping.
The Tahoe Rim Trail runs all around the lake for 265 km. It's quite a hike, so you can choose to do part of it or all of it. Either way, you'll need to prepare seriously first.