This rare kanji has no clear standalone meaning. Its readings suggest tools like planes, drills, saws, and twisting implements, but its meaning is uncertain.
錑 combines 金 (metal) with 戾, which likely contributes the sound. The exact historical development is uncertain, but it probably originally referred to a metal tool.
The left side 金 suggests metal, and the right side 戾 looks like a twisted tool. Picture a metal plane or drill with a twisted shape.
For ライ, imagine a metal tool that lies on the workbench: lie -> ライ, and the metal 金 tool 戾 rests there.