Yes, there does. Note that the ring $L\otimes_K E$ is nonzero, since it is the tensor product of two nonzero vector spaces over a field. So it has a maximal ideal $M$. The quotient $\Omega=L\otimes_K E/M$ is then a field, and the canonical inclusions $L\to L\otimes_K E$ and $E\to L\otimes_K E$ give embeddings of $K$-algebras $L\to \Omega$ and $E\to \Omega$.
Alternatively, take $\Omega\supseteq K$ to be algebraically closed and have large transcendence degree over $K$ (at least as large as the transcendence degrees of $L$ and $E$). Picking a transcendence basis $B$ for $L$ over $K$, you can embed $K(B)$ into $\Omega$, and this extends to $L$ since $L$ is algebraic over $K(B)$ and $\Omega$ is algebraically closed. By the same argument there is also an embedding $E\to\Omega$ over $K$.