Note: Baking options are only visible when switched to Cycles instead of Eevee.
There are two Bakers. Blender baker and Armory baker. In order to understand and hence remember what you are doing you want to learn to use both.
For Blender baking you can start here: Blender baker
For Armory baking (Naxelas merit) you start here: Armory baker
Its a bit outdated, some options are elsewhere, but it works the same. You´ll figure it out.
Maybe it gets updated sometimes. You do not need to install it anymore, as it is now integrated in the Armory SDK!
Note: HDRI option (prevents banding). Excellent baking quality if you do it right.
Thank you for you answer!
Also, does armory3d have volumetrics light areas, like when you create an object, and then add a material to the object with volumetric property?
Not out of the box, but you can write custom glsl shaders which should make this possible. An example for a fake-volumetric material is this. Volumetric scattering etc. should be possible in a very similar way.