Lanturn in depth
The lantern and the anglerfish
The design is based on a deep-sea fish with a luminous lure, the kind that brings food right to its mouth instead of chasing it. That Y-shaped antenna with two bulbs at the end is the drawn version of the illicium: the modified dorsal spine that hangs in front of an anglerfish's face. What's interesting is that the Pokédex takes the trouble to explain the mechanism, and explains it well. Bacteria housed in the antenna, a reaction with the body's fluids, light. Real fish work the same way, with colonies of symbiotic bacteria living inside the lure.
The name doesn't try quite as hard. ランターン is the direct Japanese transcription of “lantern”, and the English form, Lanturn, merely changes one letter so the word looks like a fish. Spanish inherited the English name unchanged. The category, Light Pokémon, follows the same literal approach.
The 460 points and where they go
It's worth looking closely at the spread, because it's unusual. 125 HP is a high figure; 76 and 76 in the two special stats are ordinary; 58 and 58 in Attack and Defense are unevolved-Pokémon numbers. In practice, that means its real bulk depends almost entirely on a single stat, and a strong physical hit takes much more of its health than that 125 suggests.
Volt Absorb is what saves the whole package. It restores HP when Lanturn is hit by an Electric-type attack, wiping out the weakness its second typing should give it and turning it into the natural answer to any Thunderbolt or Thunder. Water Absorb, its Hidden Ability, does the same with Water, although there it competes with a resistance Lanturn already had. The third option, Illuminate, only affects encounter rates outside battle and contributes nothing in battle.
Neighbours with the same plug
The Water and Electric combination is shared by very few Pokémon. The best-known is Rotom in its Wash Form, which reaches the same typing by a different route and makes better use of it thanks to Levitate, which also removes the Ground weakness. Against it, Lanturn's advantage is that HP reserve and an ability that heals rather than simply ignores the hit.
On the other side are the Pokémon that give it trouble. Quagsire is the obvious example: Water and Ground, immune to every Electric-type move Lanturn can throw out and equipped with the Ground-type attack that hurts it. Against that profile, Ice Beam is its only answer, and 76 Special Attack doesn't always get it there in time.
Its base stat total of 460 has not changed since the line first appeared in Generation II. What did arrive later was Water Absorb as a Hidden Ability, added in a generation after its debut.