Ok, I missed that. I thought this was just the classic p|ab=>p|a or p|b problem, but it's actually a little more involved.
So we know that if a,b<m, and m|ab, then km=ab, where k<a,b. As Data says, if a,b are both prime, m=ab. Now assume a is prime and b is composite. Since a|mk and k<a, a|m. Now, if b has any prime divisors p with p<a, we can pick m=ab/p, k=p, and b does not divide m. If, however, b has no prime divisors smaller than a, we must have k=1, m=ab, and so b|m.
Now let's assume both a and b are composite. Assume a<=b, and let p and q be the smallest prime factors of a and b respectively. Now if a<q, k cannot contain any factors of b, and so we must have b|m.
I'm not sure exactly what you're trying to do. If it is just answer the question "Is this true for all a,b,m satisfying these conditions?", then the answer is no, and it shouldn't be hard to constuct a counterexample. If it is to characterize the a,b for which the statement is true, then you can keep going where I left off.