You can delete content from a lost phone if you have a function called Find My Phone activated in the first place. If you do, log in on the web interface for the Find My Phone feature and issue a complete erase. The next time someone finds the phone and connects it to the Internet, it will reboot and the phone will be empty. All the files including settings, passwords, 3rd party apps, images, videos, music, etc., will be wiped from phone without any possibility to restore it.
The lack of Find My phone function activated on phone will make it impossible to delete it.