John D. Rateliff has suggested that the name Bilbo is very likely a name invented by Tolkien, a "short, simple, made-up name appropriate for a hero of a children's book or light-hearted fantasy story".
It has been noted that bilbo is a kind of Spanish sword deriving its name from Bilbao. The element bil "sword" is found in some Germanic names (such as Bilihar). "Bilbo" represents a translation of the original Hobbitish Bilba.
Nár is a dwarf from the Dvergatal. His name means "Corpse".