Her name pays homage to her great-grandmother and makes reference to the nickname given to the Queen by her father during her childhood.
Over this past festive season, Harry and Meghan released their first-ever official photograph of their daughter, as she featured on their Christmas card.
The photo shows Harry holding little Archie on his lap while Meghan holds Lili.
The 11th great-grandchild for Her Majesty the Queen wears a white outfit and laughs while being suspended mid-air by her mother.
Despite their link to one of the most famous families in the world, Harry and Meghan tend to keep their family life quite private.
A few anecdotes about the children have been shared by their parents but otherwise, Lili and Archie are relatively sheltered from public life.
Royal watchers have speculated in recent months about whether the Royal Family is kept up to date with milestones in the children’s lives after Meghan revealed during her appearance on the Ellen show that young Lili had begun to teeth.
There has also been heavy speculation as to whether the Queen has met her namesake in person as since moving across the pond, Harry has only returned to the UK twice.
Ms Schofield said: “Unfortunately, I do not see Lili meeting the Queen in person unless the Sussexes find a solution to their security concerns within a reasonable amount of time.
“If Prince Harry opted to bring his family to the UK to see the Queen…