The 27-year-old has travelled to Devon today and is eligible to make his debut for the Seagulls in their game at home to Macclesfield Town tomorrow.
McQuoid is currently on the transfer list at Kenilworth Road, having finished last season on loan at fellow League Two club Stevenage.
In his only appearance for the Hatters so far this season, the former Bournemouth and Millwall forward came on as a substitute and scored the Town’s equaliser in the Checkatrade Trophy game against Tottenham Hotspur U-21s.
Also moving out on loan is Kavan Cotter, who has rejoined Evo-Stik South Premier neighbours Hitchin Town on a one-month youth loan.
The 18-year-old midfielder made five starts and two sub appearances in his first spell at Top Field in the opening weeks of this season.