Typically both m4a and mp3 contain lossy compressed audio data. The conversion of one format of data to another means that it will be decoded and passed through another encoder which will "lose" some amount of data in order to achieve high compression ratio.
Even encoding from the same type to the same type will lose some data with each encode and this problem is known as generation loss. It happens due to the fact that that each encode relies on some (usually audibly trivial) approximations that allow for higher compression, on each pass those successive approximations change subtly and introduce unwanted noise.
Out of preference you should prefer not to transcode audio or video data in this way. For one or two transcode cycles you might be alright, but eventually it will get to a point where it is noticable as noise or compression artifacts in the sound.