@mraj By hardware or by software?
By Software: if you have a communication defined, you can define a command which leads the Lopy to do execute machine.reset().
By Hardware: You need extra hardware, which depending on what you need either toggle the reset pin or power off/on the device. A separate small micro could do that, maybe even the PIC which now resides on the various expansion/ensor boards.
There a subtle (unintended I guess) differences between machine.reset(), pulling the reset pin and power cycling the device.