A shortened version of the phrase 'Love Rivals', as defined by Orihime Inoue in the Anime Bleach (Episode 70). Inoue reveals this word whilst another character is finding an animated plushy cute, and another animated plushy being jealous and voicing his jealousy loudly.
Inoue: 'Could the two be love rivals?! In short, lovals!'
'Dude, did you see the way Mark kicked up at Jon when Jess gave him a hug earlier?'
'Yeh man, those two are total lovals'