A Maia of the people of Oromë and a friend to Alatar, Pallando was selected by the Valar as the last of the five beings to be sent eastward across the Great Sea to become Wizards. Alatar and Pallando were together known as the Ithryn Luin, the Blue Wizards. They wandered far from the northwestern shores of Middle-earth, exploring the distant eastern lands. Their fate is never told, but it seems that, like Saruman, they fell into darkness, and Tolkien hints that they were responsible for the founding of strange cults in distant lands.
If we assume that the Pallan- element in his name is related to the common palan-, meaning 'far' or 'distant', then Pallando can be interpreted as either 'Far(-travelling) One' or (much less likely) 'He who comes from afar'.