SPANISH: Help with grammar?

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

However...

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

[c=#BF0000][b][i]lo[/i][/b][/c] [c=#000000][b][i]siento[/i][/b][/c]

[b][i][c=#000000]I feel[/c][/i][/b] [c=#BF0000][b][i]it[/i][/b][/c]

IS THAT CORRECT?

My question is in “lo siento” the [b][i]Lo[/i][/b] part means “it”? Then [b][i]Siento[/i][/b] 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 “[b][i]yo lo siento[/i][/b]”