Isn't that obvious? You need to loop through the items of the first list and convert them into the payload of the second list, then add them to newly created one, something like the following:
public List<ViewModel> toViewModel(List<Entity> entityList) {
List<ViewModel> response = new ArrayList();
for (Entity entity : entityList) {
ViewModel viewModel = entity.convertToViewModel();
response.add(viewModel);
}
return response;
}
It's worth mentioning that in this example the conversion actually happens on the item level, not the list so it is your source item which need be modified if you decide to go this way.