The name Baal-meon occurs three times in the Bible. It's the name of one of the cities which were built or fortified (and renamed) by the tribe of Reuben, which settled east of the Jordan (Numbers 32:38, 1 Chronicles 5:8). It was situated close to Nebo and Heshbon and by the time of the prophet Ezekiel, Baal-meon had apparently fallen into the hands of the Moabites (Ezekiel 25:9).
In Joshua 13:15 mention is made of a Reubenite city called Beth-baal-meon (= House of Baal-meon), which is generally assumed to be the same place. In his sermon on the destruction of Moab, Jeremiah mentions a Beth-meon in close proximity to Nebo, and scholars again assume that it's the same place (Jeremiah 48:23).
For a meaning of the name Baal-meon, NOBSE Study Bible Name List reads Lord Of Meon (Habitation) and Jones' Dictionary of Old Testament Proper Names has a slightly askew Place Of Habitation, but explains it with "i.e. the habitation of Baal". BDB Theological Dictionary does not translate this name, lists it under its article on בעל (ba'al), and does not make a connection to the root עון ('wn).