A feature advertised for the Colonies edition of Lost Planet was the introduction of two new camera modes, first person view, and an RE4 style over the shoulder one. While the first person view is a menu option, for whatever reason, the devs decided to make the over the shoulder one a secret button combo.

It's quite simple: Load into your game, then hold down the crouch key and press the left arrow key or left on a controller's dpad, and voila.