According Panam Sports link:
“A brand inspired by the dynamism of Peru. It reflects a country that thrives on its diversity, its mix of races and traditions. It is the shared heartbeat of a region that seeks to recognize, celebrate, and project itself to the world. Here, every athlete, citizen, visitor, and cultural expression is part of a network that connects emotions, dreams, and collective narratives,” said Federico Tong, president of the Lima 2027 Organizing Committee.
“In that vibe, Lima27 builds a link across the Pacific, a bridge between cities, generations, and dreams. It is the bridge between the continental dream and global recognition. From Lima, the paths lead to Los Angeles 2028,” said Renzo Manyari, president of the Peruvian Olympic Committee.
“Our torch is a Peruvian symbol for the world, it is the flame that comes from Machu Picchu and the entire shape of Huayna Picchu,” added Manyari.
The light colour can be linked to the sea, but the other one, i still can't find any reason.