28 Y/O, 117 lbs, 4'10- Should I get a breast augmentation, a breast lift, or both? (Photos)

It depends on your goals. Your nipples are located in line with your breast fold, and possibly a little higher. Breast augmentation alone may be sufficient however please note that the weight of the implants can accelerate the rate of sagging. As a result, you may want to consider proportionately sized implants rather than going bigger.

Based on your photos it appears you are a great candidate for a breast augmentation. This would give you more volume and upper pole fullness. An in person examination is always best, but from the provided photos it does not appear a lift is needed.