svc_Orders is an array of SVCORDER[]
List<Order> local_order_list = new List<Order>();
foreach (var svc_Order in svc_Orders)
{
Order local_Order = new Order();
//Converting SVCORDER to Order
local_Order_list.Add(local_Order);
}
Now I am looping through the svc_order returned from the service converting them and Order adding them to list. Is there a better way of doing it?

If you want to project items from one type to another, that's what Select is for - then there's the ToList method:
// Names changed to conform to .NET conventions
var localOrderList = serviceOrders.Select(serviceOrder => new Order { ... })
.ToList();
(We don't know what goes in the ... as you haven't told us how you'd convert from SVCORDER to Order. You may want to turn that into a method to call from Select...)
See more on this question at Stackoverflow