Answer: Theo's speed is 240 miles / 4 hours = <<240/4=60>>60 mph.
Lex's speed is 183 miles / 3 hours = <<183/3=61>>61 mph.
To determine whether Theo can drive 118 miles in 2 hours, we can calculate the time it would take him to travel 118 miles at his speed of 60 mph: 118 miles / 60 mph = <<118/60=1.97>>1.97 hours.
Since 1.97 hours is less than 2 hours, Theo could drive 118 miles in 2 hours.
To determine whether Lex can drive 118 miles in 2 hours, we can calculate the time it would take him to travel 118 miles at his speed of 61 mph: 118 miles / 61 mph = <<118/61=1.93>>1.93 hours.
Since 1.93 hours is less than 2 hours, Lex could also drive 118 miles in 2 hours.
Therefore, both Theo and Lex could drive 118 miles in 2 hours.