The double strike by the former Chelsea player and one apiece from another former Premiership performer in Sylvain Wiltord and Brazilian youngster Fred saw the four-time French champions to a 5-0 aggregate win.
Lyon suffered a blow in the 13th minute, when their inspirational captain Juninho was booked for a foul by English referee Mike Riley, which means he will miss their next match.
Lyon, though, should have taken the lead in the 17th minute when a brilliant pass by Juninho found Florent Malouda, and, free in the box, he beat PSV ‘keeper Heurelho Gomes - but it scraped past the post.
Malouda showed to better effect in the 24th minute when he got to the bye-line and passed inside where Tiago was waiting to pounce, and put the ball in the net to put space between the two sides.
However, a momentary lapse in concentration in the Lyon defence nearly allowed the Dutch side to get back into the match, as Jefferson Farfan sneaked in behind them - but quick thinking by Gregory Coupet saw the French ‘keeper rush from his line and bravely go down in front of the striker, blocking his shot.
Gomes had to be at his best, in the 36th minute, when a brilliant fluid move by Lyon ended with the ball coming back to Juninho, who stepped inside a defender and unleashed a fierce drive that the Brazilian guardian managed to stick a hand out to, and touch onto the bar, and thence away for a corner.
Carew’s profligacy could on any other night have cost Lyon dearly.
He contrived to fall flat on his face in the area, after receiving a superbly weighted pass from Juninho, and then failed to connect properly with Malouda’s perfect cross - the ball hitting his craning neck and not his head.
However, while Carew was guilty of poor accuracy Phillip Cocu was guilty of gross misjudgement when he went in studs showing on Francois Clerc, and, with the ball already gone, trod on his ankle.
While the former Barcelona star trudged off with a wistful smile, it was not the same reaction from club boss Guus Hiddink, who was probably wondering why he voted for him as world player of the year.
That was amplified in stoppage time when his defence failed to clear a Juninho corner properly and Tiago was on hand to fire home from just inside the area.
Lyon should have made it 3-0 in the 55th minute, as a well worked move between Wiltord and Malouda saw the former Arsenal striker miscue his shot entirely with just Gomes to beat.
However, Wiltord was on hand to make up for the miss and grab Lyon’s third in the 71st minute - as he slotted home after Fred’s shot had been beaten out in a move that had been created by the tireless Tiago.
PSV had a chance to gain a consolation effort, in the 78th minute, but Ivorian striker Arouna Kone slammed his shot wide from just a few metres out - after fine work by DaMarcus Beasley.
: Coupet, Clerc, Cris, Muller, Abidal, Tiago (Clement 80), Diarra, Juninho (Pedretti 76), Wiltord, Carew (Fred 66), Malouda.
: Gomes, Lucius, Addo, Alex (Aissati 76), Reiziger, Simons, Afellay, Cocu, Culina (Vayrynen 57), Kone, Farfan (Beasley 57).
: Michael Riley (England).