Thank you, paintseagull! Your feedback shines in these name threads. :)
"Magma" + "basilisk"
Credit to Parahax for discussing names of this nature on Discord, which led to coming up with this name!
Thoughts on existing names:
I'm a bit iffy on words that end with "chameleon", since they'll draw more similarities to Charmeleon already. :S We already have Volcarona, Volcanion, and Volkraken that start with "volcano", so this would be our fourth Volc- 'mon, and the second within CAP.
Just as a warning, but a Pyrolisk is also a D&D monster, if anyone was thinking about submitting that a name. :)
I like "Obsidra" out of the names suggested thus far, but the -dra ending evokes Dragon-type imagery (Kingdra, Goodra). Seadra is the counterexample, though.