any idea when Camera Raw will be updated to support raw files from the new Pentax K-3 iii camera? At the moment it says "files not supported by Lightroom" and it I have the latest versions of both Lightroom and Camera Raw installed.
This camera was just released right? It will take time for Adobe and ALL other 3rd party raw converters to 'hack' the new (unnecessarily so) proprietary raw for support. You can, in this case, thank Pentax like all the other manufacturers for making you wait on this. Unlike the JPEG, the manufacturers seem to fill the need to play this silly game of proprietary raw documents.
No one here can tell you about what's coming or when from Adobe; this is a user to user forum.
Author “Color Management for Photographers" & "Photoshop CC Color Management/pluralsight"
Actually, Pentax only makes people who insist on shooting PEF wait. Most of us Pentaxians shoot DNG natively in camera. I've imported a couple of thousand K-3 iii images into Lightroom that were natively shot in DNG, and I've had no issues. The only thing I'm waiting for is raw color profiles, since Adobe will have to provide the Adobe ____ profiles as well as the camera matching ones with the next update to ACR and Lightroom. I'm crossing my fingers that the camera matching ones include all the custom image modes like reversal film and bleach bypass and not just natural, bright, vibrant, portrait, etc.