I'm using the usual translation....and as usual, I'm not authorized to say a word by a teacher; my words and comments are purely mine.
The Buddha remarks:
The Lokayatika who is skilled in varieties of incantations and in the art of eloquence, Mahamati, puts the minds of the ignorant in utter confusion by means of various reasonings, by [clever manipulation of] words and phrases, and what he teaches being the mere prattle of a child...
[H]e himself does not understand what all things mean, he puts the minds of the ignorant into utter confusion by his dualistic views, thus ruining himself. Not being released of the transition from one path to another, not understanding that there is nothing but what is seen of the Mind itself, and attaching himself to the idea of self-nature in external things, the Lokayatika knows no deliverance from discrimination...
A Lokayakita, according to this source, in the Hindu tradition, is one who holds to the idea of a prime or fundamental cause, that something comes from nothing. It also evidently has the meanings of being "worldy" or being that of a commoner.
So long as there is a mental perturbation which makes one cling to an objective world of discrimination, there is materialism.
Rather, the Buddha says (putting the actual order of the text out of order),
I do not teach anything approaching the discrimination of the philosophers. For what reason? Because there are no external objects, there is nothing to get attached to; when one abides in Mind-only, beyond which there is no external world, dualism ceases; as there is no realm of form based on discrimination, one comes to recognise that there is nothing but what is seen of the Mind itself; and for these reasons the discrimination of what is seen of the Mind itself does not take place. Owing to the cessation of discrimination, one enters into the triple emancipation where is the state of no-form, emptiness, and effortlessness. Hence it is called deliverance.