Hello,
Yes, the reciever is set up to accept a standard 2" type of bar. I use mine for various items: Hitch mounted cargo carrier, bike rack and d'ring shackle.
If you plan to tow something, make sure you read the manual on the limitations. The reciever is makered with a 550 pound tounge weight even though the LR4 is rated to tow 7716 pounds. Not quite the recomended 10% sitting on the hitch. Other limitaions are the total rise of the bar that you can use. The manual on the LR4 said 1.5". Also note that weight distributing hitches are not recomended with the LR4.
There is a great towing thread on the LR3 forum of this site. I swear I read it every other week. You should find good information in there.
Rob