His name could be said to mean 'Far-travelling One', but that is not certainly known.

A Maiar of Oromë's people. One of the two Blue Wizards, so called because they wore sea-blue robes.

Pallando was taken, as a friend, by Alatar into Middle-earth. They travelled into the East with Saruman, and were not seen again.
Encyclopedia entry originally written by Hathaldir