Would I be able to change the colour of this mahogany wood to a lighter oak colour to match my furniture? If possible, what’s the best way?

I would overpaint with an oak grain - a good paint specialist can achieve this. As it is a 'reversible' surface finish, somebody could always strip it back in the future if they wished. Historically it would be painted green or off white, even if constructed in hardwood.

You would have to sand and/or strip that off to re-stain to match your furniture. I would suggest painting it white instead To match with 

your furniture better.

Stained wood is difficult to strip because, well, it is stained. I suppose you could sand it to death, but that would be laborious. If the wood is truly mahogany, you will never get it to look like oak. The characteristics of mahogany wood and oak are world's apart.

All wood in a room need not be match matchy, as different woods provide contrast and depth to your decor. If you hate the Mohegan wood/or stain, perhaps painting it would be something to consider.

Is that real mahogany or a mahogany stain? If it's real mahogany I'd say, no you cannot bleach out the natural color, and why would you. If it's a stain, which I think it is, there are ways to strip stains from wood and then you could restain in the color you like. 

Mahogany has a natural reddish brown tint so you will never get it to look like oak. Also as it is exposed to the light it will tend to darken. 

The current finish would need to be stripped. Either by chemicals or sanding. Not an easy job.