your .* in the middle is greedy. fix it with a .*? or something a little more specific is possible

perl -e '$l="|i ba |l L1 |i b2 |l L2"; while ($l=~ /\|i([^|]*).*\|l([^
+|]*)/g) {print "$1 $2\n"}'
 ba   L2

perl -e '$l="|i ba |l L1 |i b2 |l L2"; while ($l=~ /\|i([^|]*).*?\|l([
+^|]*)/g) {print "$1 $2\n"}'
 ba   L1
 b2   L2
[download]

Cheers,
R.