The 24-year-old has made just five first team appearances for Luton this season, scoring one goal, and will now head to the Memorial Stadium until January 4.
Manager Darrell Clarke told the Rovers official website: “I am delighted to be able to bring in Alex Wall to boost our strike force.
“He is a player I know well from his time with Maidenhead and he will add further competition for places at the top end of the pitch.”
Chairman Nick Higgs added: “Alex Wall is another young player who Darrell knows very well and his arrival will strengthen the squad still further and add to the strong competition for places in the starting lineup.
“I would like to welcome him to Bristol Rovers and wish him every success during his time with us.”
Wall’s first game could come against Welling at home this weekend.