The 22-year-old is heading out on his sixth loan spell away from the club and will now spend a third season in League One after previously representing Huddersfield Town, Wycombe Wanderers and Plymouth Argyle.
He won the League One title with Plymouth in 2022/23, playing 41 times that year, and has impressed in the third tier.
The defender has been around the first team picture at Wolves and been on pre-season tours, but is yet to make his senior debut.
Lonwijk has now signed a one-year contract extension at Wolves and has joined Luton, following their relegation from the Championship.