Lishchyna announced her decision not to seek the nomination for Oakville North-Burlington four days after Adams abruptly withdrew from the race citing health reasons.
In a letter to Conservative Party members who live in the new Toronto-area riding, Lishchyna said, "After consultation with my team and senior officials within the party, I am saddened to advise you that I have withdrawn my name for candidacy for the Conservative nomination in Oakville North-Burlington."
Lishchyna said she thinks it's best the party go back to square 1 and hit reset on the nomination process.
"I believe strongly that it is not in the best interest of the party's electoral prospects in our great new riding to proceed under the circumstances we find ourselves today.
"After almost a year of one of the most high-profile and controversial nomination campaigns in Canadian history, I believe it's best that the party re-start the nomination process to allow the grassroots to decide," Lishchyna said.
The party had put the nomination vote on hold while it investigated accusations of dirty tricks levelled by both Lishchyna and Adams.
Today, Conservative Party spokesman Cory Hann told CBC News, "Both candidates withdrew before the national candidate selection committee rendered a decision."
The battle for Oakville North-Burlington, a riding that is widely perceived as a "safe seat" for the Conservatives, took a bitter turn after Adams launched her bid for nomination in the newly created riding, despite the fact that voters elected her to represent Mississauga-Brampton South in the last election.