Up to you (or your DM). The Masked/Hidden Lords vote to accept or expel their fellow lords, so a Lord who tried to murder or expose the identities of fellow Lords would likely be kicked out, but the "masked" custom is for their own protection (and to avoid endless harassment…
— Ed Greenwood (@TheEdVerse) December 9, 2018
…from citizens; it's for their benefit and convenience, rather than a rule, decree, or law that breaking can get you in trouble. So likely they are still Lords. (However, if you need them not to be for personal campaign story needs, go right ahead and change the Lords' roster.)
— Ed Greenwood (@TheEdVerse) December 9, 2018