Their name stood for Lyte Funkie Ones and they had top 10 hits in the US with Summer Girls and Girl on TV in 1999.
In the UK, Girl on TV reached number six in 2000.
Lima, who was diagnosed with adrenal cancer in 2017, is the second member of the group to die young. Bandmate Rich Cronin died from leukaemia in 2010.
That leaves Brad Fischetti as the sole surviving member.
Fans have expressed shock and paid their respects on Twitter.
At the height of their success, the trio supported the likes of Britney Spears, Backstreet Boys and 'NSync.
Devin, who had surgery to remove a tumour last October, started a comeback with Brad last year before falling ill.