The 19-year-old striker has joined the side, who play in Ligue 2, in a deal that will last for the duration of the season.
He was playing with the Palace Under-23s this season, having already notched two goals.
The teenager now has a chance to show what he can do with regular game time with the Lorient first team.
He will be hoping to make enough of an impact to earn a first team spot at Palace next season.
Lokilo scored nine in 26 games for the Under-23s last season.