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We study a class of rearrangement problems under a novel pick-n-swap prehensile manipulation model, in which a robotic manipulator, capable of carrying an item and making item swaps, is tasked to sort items stored in lattices of variable dimensions in a time-optimal manner. We systematically analyze the intrinsic optimality structure, which is fairly rich and intriguing, under different levels of item distinguishability (fully-labeled, where each item has a unique label, or partially-labeled, where multiple items may be of the same type) and different lattice dimensions. Focusing on the most practical setting of one and two dimensions, we develop low polynomial time cycle-following-based algorithms that optimally perform rearrangements on 1D lattices under both fully- and partially-labeled settings. On the other hand, we show that rearrangement on 2D and higher-dimensional lattices become computationally intractable to optimally solve. Despite their NP-hardness, we prove that efficient cycle-following-based algorithms remain optimal in the asymptotic sense for 2D fully- and partially-labeled settings, in expectation, using the interesting fact that random permutations induce only a small number of cycles. We further improve these algorithms to provide 1. x-optimality when the number of items is small. Simulation studies corroborate the effectiveness of our algorithms. The implementation of the algorithms from the paper can be found at github.com/arc-l/lattice-rearrangement.