@KrishR
The SharePoint Online Lookup Column Threshold is 12. Unfortunately this cannot be changed in SP Online to my knowledge, I believe this may be raised only in the on-premise version of SharePoint if I'm correct.
However, I believe this particular threshold applies to a View, not the whole List.
Try to create a view that has a subset of Lookup columns - try having it with just 12 or fewer Lookup Columns in it that you need to use in the Canvas App. Then, use only this specific view in Power Apps Canvas App (the one you just made that has the subset of Lookup columns), and it may work
Even if the SP List itself may have more than 12 Lookup Columns, you may be fine.
In case you also have another issue with the above workaround and also still need to work with more than 12 Lookup Columns at once in the Power Apps Canvas App, you may try creating two views, each with 12 or fewer Lookup columns, and using both views somehow separately on the same data source. This may enable you to use more than 12 Lookup columns at once.
However, first check if you even need more than 12 Lookup columns at once in the app - if not, a single view with only the 12 or fewer Lookup columns you really need to use in the Canvas App may suffice.
See if it helps @KrishR