Neither :)
There are 3 parts to the instruction.
lb - I want to load a byte from memory
x10 - When I read the byte from memory which register should I copy the value to
x11 - Base pointer
3 - An immediate value that is added to x11.
Immediate means the binary representation of number is included as part of the instruction itself.
It means treat x11 as a pointer. Add 3 to the pointer address. E.g., lets say x11 is 0x10. The new pointer address would be 0x13.
Read 1 byte starting from 0x13 in memory and copy it to x10.
x10 = mem[x11+3]
includes more details (however it also included discussion on instruction encoding which is discussed only in Week 4).