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 AFC Bournemouth and Millwall forward came on as a substitute and scored the Town’s equaliser in the Checkatrade Trophy game against Tottenham Hotspur under-21s.