The Lunar Meteoroid Impact Observer (LUMIO) is a CubeSat mission at the Earth-Moon Lagrangian point 2 (L2) designed to observe, quantify, and characterize the meteoroid impacts by detecting their flashes on the Lunar farside. LUMIO can be deployed as one of the payloads in the NASA Commercial Lunar Payload System or from Artemis-2 mission to a low Lunar orbit and to demonstrate autonomous navigation capabilities to reach its operational orbit around the Earth-Moon L2. From there, its scientific mission to map and investigate the spatial and temporal characteristics of meteoroids impacting the Lunar surface will start and is expected to last for one year. LUMIO is a 12U CubeSat including a dedicated camera to monitor impact flashes in the visible and near-infrared spectrum, and also allows estimating the impact of temperature and energy. Optical navigation using the payload camera will also demonstrate increased on-board autonomy and drastically reduced mission costs. Navigation validation will be carried out using standard ground-based radiometric techniques enabled by a miniaturized X-band coherent transponder on-board. LUMIO can also use an inter-satellite link for telemetry and control via a commercial Lunar data relay system, providing a redundant communication system and lowering the need for high-gain ground stations for routine operations. The satellite bus derives from a commercial version designed for Low Earth Orbit and it will feature several improvements to operate in the Lunar environment, including a more advanced thermal control and radiation shielding. Commercial Off-The-Shelf systems will require a radiation screening and this will contribute to maintain the mission budget low and aim at a launch date in 2024.