With the rapid growth of hyperconnected devices and decentralized data architectures, safeguarding Internet of Things (IoT) transactions is becoming increasingly challenging. Blockchain presents a promising solution, yet its effectiveness depends on the underlying consensus algorithm. Conventional mechanisms, such as Proof of Work and Proof of Stake, are often impractical for resource-constrained IoT environments. To address these limitations, this work introduces a fair and lightweight hybrid consensus algorithm tailored for IoT. The proposed approach minimizes resource demands on the nodes while providing a fair and secure agreement process. Specifically, it utilizes a distributed lottery mechanism to ensure fair block proposals without requiring dedicated hardware. In addition, to enhance trust and establish finality, a reputation-based voting mechanism is incorporated. Finally, we experimentally validated the key features of the proposed consensus algorithm.