In Salesforce Classic
1. Delete the converted lead. (needs Data Loader, API, or Mass Delete function).
2. Change the lookup to a null value (or something else, as desired) - this requires either the API or Data Loader.
3. Go to Setup | Customize | Leads | Fields | Lead Custom Fields & Relationships
4. Edit the Contact lookup field
5. Under Lookup options | Select Clear the value of this field. You can't choose this option if you make this field required.
In Lightning Experience
Considerations for Converting Leads
Convert Qualified Leads
Delete converted Leads
What to do if the lookup record is deleted?' options are not available on a custom Lookup field
Considerations for Deleting Contacts
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