This is a job for grep
:
$ grep -vf Two.lst One.lst
a
b
e
To update the file with the content, do:
grep -vf Two.lst One.lst > temp_file && mv temp_file One.lst
From man grep
:
-f FILE, --file=FILE
Obtain patterns from FILE, one per line.
-v, --invert-match
Invert the sense of matching, to select non-matching lines.