Like many other starting games Begla started out with a quick name, "Blockmania" in this case, when the goal was just making a cool voxel engine. After our team grew and we set serious goals we needed a serious name that was unique and memorable. During an everyday ranting session between organizer Cervator and wordsmith Stuthulhu "Anthropology" came up as a goal for the game, but for creatures (Anthropology is specific to humans). Stuthulhu came up with "Teras" ("monster" in greek) and other fancy latin/greek terms and it more or less just lined up with -ology perfectly
An astute fan came up with some more details on the name after the fact:
"On minor correction is that the word Terasology is coming from the greek word (τερατολογία) which the combination of the two greek words teras (τέρας) and logos (λόγος). In english the combination of Teras + Logos should be Teratology not Terasology. Because (Τέρας + λόγος = Τερατολογία) "
"Teratology" does exist as a term (see Wikipedia) and it does bring to mind some similar concepts (biological marvels, etc), but we're taking a little artistic liberty with the correct formation of the word to make it our own and arrive at unique territory :-)