SPANISH: Help with grammar?

Now, I am fairly certain that the way to say “I’m sorry” in Spanish...it would be Lo siento

However...

I am pretty sure that literally means “I feel it”.

lo siento

I feel it

IS THAT CORRECT?

My question is in “lo siento” the Lo part means “it”? Then Siento means “I feel”?

Why are they in that order? Doesn’t that literally translate into “It I feel“? That just sounds wrong!

Also, why not “yo lo siento”