Agree with previous responses *depending on the cause*. Is he afraid of the arena at all? Is he afraid of you, the lunge whip, your cues? Has he been taught properly to lunge, to yield to pressure, etc? Do you make it worth his while when he does do 'the right thing'?
I'd first ensure there was nothing about the arena, me, my tools & 'games' that made him nervous. Then I'd start up close, teaching him how to *yield*(that is, respond calmly to pressure, not react, push against it, etc) to pressure in whatever direction. I'd start first at a walk, then gradually ask for the same stuff further & further away, until he's 'lunging'. I wouldn't bother asking for a trot or more until he's reliable & calm at a walk.
When Kevin says "take a tight hold and sit back ..... He won't pull you very far with his face" I have to beg to differ, as I've seen many a person go 'skiiing' behind their horse. I think it depends what's on their face & what angle you're on as to whether you can be effective. If you have a thin or rope halter and you ensure you're more to the side of your horse rather than behind, you have leverage on your side & can turn the horse around. If he has a wide, flat halter & you don't get control before you find yourself behind him, then good luck stopping him! Also depends how well he's learned to either yield to pressure from the halter or to resist it.
After previous experiences, I'd also think his behaviour is likely to get worse before it gets better. After all, it's worked for him in the past, so when it no longer does, he's likely to respond by just trying harder. Grin & persist & he'll eventually stop it, so long as you're effective.