There are tons of approaches to make inheritance in Lua.
First of all you need to decide - "do you really need inheritance?" Or you just need similar behave for group of objects?
In Lua you can override properties and methods of objects "on the fly". And you don't need "polymorphism" because Lua has no types in common and you don't have to deal with type-casting.
The easiest way (IMO) to create similar-behave objects - to make factory-functions for each type of objects.
function CreateInventoryItem(picture, weight)
local obj = {}
obj.picture = picture
obj.weight = weight
return obj
end
function CreateGunItem(picture, weight, damage)
local obj = CreateInventoryItem(picture, weight)
obj.damage = damage
return obj
end