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Disputed. Suggested as cognate with Ancient Greekλάτρον(látron, “payment”) and Latinlatrō(“mercenary”), from Proto-Indo-European*leh₂t-(“to grant; to possess”), but the vowel correspondences are irregular. Perhaps alternatively from *leh₁-t-, extended from *leh₁-(“to let”) (whence also Proto-Germanic *lētaną, from a different extension *leh₁-d-).[1]
Beekes rejects an Indo-European etymology entirely and considers the purported Greek cognate to be from Pre-Greek, whereas the Latin is borrowed from Greek.[2][3]