PokéBase - Pokémon Q&A
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Yes, only when held by Palkia
>The Lustrous Orb is an exclusive item for Palkia. While being held by Palkia, its Dragon and Water type moves increase in power.

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>Raises the power of Palkia's Dragon- and Water-type moves by 4915/4096


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When held by another Pokemon, it doesn't do anything. All of the Timespace orbs only work on their respective Pokemon.

The Lustrous Orb raises Water and Dragon moves by 20% when held by Palkia.

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