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This guide explains how to check a file in and out of Sharepoint via the One Drive Desktop app.
When a file is checked out, it has a padlock icon next to it’s sync icon in the Finder. Also, in the Sharepoint web interface it displays a small arrow to show checked out. It is important a file is checked back in afterward so someone else can open it. When a file is checked out, it will open as read only and warn the user that it is read only which should signal to them it is checked out elsewhere.
Further to the official guide pasted below, here’s itac.technology’s recommendations:

Sharepoint Check Out Feature
- From the folders within Finder synced by the OneDrive Desktop App, right click the file you want to check out and click View Online
- You may need to log in to Sharepoint in your web browser
- Once logged in, locate the file in the folder list, right click > More > Check Out
- The file will after a short wait indicate to other users that it is checked out and if they try to open it, it will warn that it is read only, signalling to them that the file shouldn’t be used right now
- Once finished, it is important to check the file back in so others can access it.
- From the folders within Finder synced by the OneDrive Desktop App, right click the file you want to check out and click View Online
- Once logged in, locate the file in the folder list, right click > More > Check In. Leave a comment if you wish and hit the button. The file is now available again for access by others
Official Microsoft Guide: https://support.office.com/en-us/article/check-out-check-in-or-discard-changes-to-files-in-a-library-7e2c12a9-a874-4393-9511-1378a700f6de