The Eye is a Centauri artifact, a cherished and influential item commissioned around the Earth year 1258 by the first Emperor of the Centauri Republic, based on the sigil of House Kiro, the House of the first Emperor. Almost a thousand years later, The Eye was lost by House Kiro in 2155 at the Battle of Nu'Shok.
In 2258, Londo Mollari received the Eye from a "businessman" named Reno who had tracked down and acquired it on behalf of the Centauri. A short time later, Lord Kiro arrived on Babylon 5 with his aunt, Lady Ladira, with the purported intention to bring the Eye back with him to the Centauri Republic. The Eye had originally belonged to Kiro's family when they occupied the throne in ancient times. In actuality he planned for Raiders to "kidnap" him and the Eye and "ransom" them both back to the Centauri for a great sum of money. The scheme misfired when the Raiders double-crossed him, kidnapping him and the Eye for real with the intent of actually ransoming them both.
The Centauri Eye was a prop that was designed and built by prop designer Leslie Erganian.