An electronic device may have a display that provides image light to a waveguide. First and second liquid crystal lenses may be mounted to opposing surfaces of the waveguide. An coupler may couple the image light out of the waveguide through the first lens. The second lens may convey world light to the first lens. Control circuitry may control the first lens to apply a first optical power to the image light and the world light and may control the second lens to apply a second optical power to the world light that cancels out the first optical power. Each lens may include two layers of liquid crystal molecules having antiparallel pretilt angles. The pretilt angles and rubbing directions of the first lens may be antiparallel to corresponding pretilt angles and rubbing directions of the second lens about the waveguide.