Which sentence is grammatically correct?
1. I am a bait that loves captors.
2. I am a bait that love captors.

Question

Answer

they booth sound a little off to me. 
"I am the bait that captors love" but even this doesn't seem quite right.

do you mean raptors.

captors that which/who captures and holds its prey. 
raptor a bird of prey.

Unless captors has a meaning I am unaware of?

Answer

1st sentence sounds more natural

Answer

BAIT is singular, therefore: LOVES.     
So 1. is grammatically correct. It's still kind of an odd sentence though.