Step 1: Concept
Substitute $z = x + iy$ and $\overline{z} = x - iy$ into the equation.
Step 2: Analysis
$s(x + iy) + t(x - iy) + r = 0$
$(sx + tx + r) + i(sy - ty) = 0$
Step 3: Analysis
Equating the imaginary part to zero: $(s - t)y = 0$.
Since $s$ and $t$ are distinct ($s \neq t$), we must have $y = 0$.
Step 4: Conclusion
Since $y = 0$, the complex number $z$ lies on the real axis.
Final Answer: (B)