What could be wrong with my 1989 lebaron convertible it cranks ok but has no spark and no fuel?

Your most likely problem is your ignition module...Its a computer on the left side behind the battery....Just follow the hose from your air cleaner it will lead you right to it.

This happened with my lebaron as well, but it turned out to be the oxygen sensor was shorting out.

If this doesn't solve the problem...try replacing the ASD relay. (auto shutdown). We had that problem with ours