In a large bowl, combine warm milk and yeast, whisk to combine and set aside for 5 minutes.
Stir in remaining ingredients and knead by hand on a floured surface for about 3 to 5 minutes or until dough is soft and satiny in texture.
Place in a clean, oiled bowl and cover loosely with a clean kitchen towel and set aside for 1 hour.
In a deep cast iron skillet, heat about 3 cups of lard over medium-high heat.
While grease is heating, pinch off balls of dough and form into 6 to 8 inch discs and make a small hole in the center (no bigger than the size of a drinking straw).
Place prepared discs into hot great and fry until golden brown on each side.
Serve with butter, powdered sugar, cinnamon and sugar or honey, or make Indian Fry Bread Tacos.