Luxollid's name is derived from the Latin word lux, meaning "light" and, perhaps, the Latin word olim, meaning "at another time". Considering the Japanese name is "Raito-Obu-Raito", it may simply be a corrupt phonetic translation of "Light of Light". In the Italian translation, it is called Lux Lucis, which has the same meaning.
While lux is easily defined as Latin, the "ollid" phrase may be meant to be ole + id (suffix). There are several words in Greek and Latin in which the 'ola' sound (olla/ola/ole/eola) is attributed to or used in conjunction with disc/round/spherical objects. Aureola (aureate + ole) is both the term for the circular breast adornment
and a radiance of light, usually depicted as circular, emanating from an object (halo, corona). Olla (in its modern Spanish spelling) is an archaic (predating Roman Empire) for a round or spherical pot. "Id" is likely meant as the suffix used in both Greek and Latin, taken from the word meaning "origin", and ubiquitous with a "kind" or "classification" of a thing. The intended translation for "ollid" may be "of the radiance", and lux+ollid may be intended to be "Light of the Radiance".