I always thought the Lords of Kobol were their rulers as BST said. I do believe they were akin to Priest/Kings. A leader, or leaders, with a foot (so to speak) in the spiritual realm and one in the political realm. Pharoah is a good example. Another might be the Japanese Emperors of old, revered as a diety and a leader.
An Earth example of using the word Lord to describe a leadership body would be The House of Lords in England.
http://en.wikipedia.org/wiki/House_of_Lords That's my thinking anyway. Any thoughts?
