The latest Raspbian includes software GLX emulation under X. All you need to do is install love from the included software installer, and open a term and type "love" and you will get a non-accelerated "Game Over" screen running in X. The debian repositories are not tracking love2d updates at all, so after that you can use the armhf .debs from this website to upgrade love.
To get full accelerated love2d on a RPi you need to activate the VC4 driver - which Eric Anholt has been working on for the last few years ...
https://twitter.com/anholt
http://anholt.livejournal.com/
To get that working, upgrade the raspbian kernel with "sudo BRANCH=next rpi-update"
Then use "sudo raspi-config" and select the Fake KMS driver option and reboot.
The VC4 drivers are still under development, but actually work very well. I have seen >50fps on a full 1080 screen all under X.
The GLES mode works if you have SDL2 that supports this. I had it working a few years back and it was very fast. For a dedicated Pi application that doesn't need X, GLES would be good, but would need a custom install.
Overall, love2d on a RPi with the VC4 driver is really good. You can just drop a .love file onto the pi desktop and it will run, just like on a PC. It even works over VNC. You can develop on a PC and then run you application on the Pi.