  We consider a neutrino mass generating model which employs a scalar
leptoquark, $\Delta$, and a scalar diquark, $S$. The new scalars $\Delta$ and
$S$ carry the standard model $SU(3)_c\times SU(2)_L\times U(1)_Y$ quantum
numbers $(3,1,-1/3)$ and $(6,1,-2/3)$, respectively. The neutrino masses are
generated at the two-loop level, as in the Zee-Babu model\cite{Zee-Babu}, and
$\Delta/S$ plays the role of the doubly/singly charged scalar in the Zee-Babu
model. With a moderate working assumption that the magnitudes of the six Yukawa
couplings between $S$ and the down-type quarks are of the same order, strong
connections are found between the neutrino masses and the charged lepton flavor
violating processes. In particular, we study $Z\rightarrow \overline{l} l'$,
and $l\rightarrow l' \gamma$ and find that some portions of the parameter space
of this model are within the reach of the planned charged lepton flavor
violating experiments. Interesting lower bounds are predicted that
$B(Z\rightarrow \overline{l} l')\gtrsim
10^{-16}-10^{-14}(10^{-14})\times(1\mbox{TeV}\cdot m_S/7 m_\Delta^2)^2$ and
$B(l\rightarrow l' \gamma)\gtrsim 10^{-17}-10^{-16}(10^{-18}-10^{-16})\times(1
\mbox{TeV}\cdot m_S/7 m_\Delta^2)^2$ for neutrino masses being the
normal(inverted) hierarchical pattern. The type of neutrino mass hierarchy
could also be determined by measuring the charged lepton flavor violating
double ratios. Moreover, definite leptoquark decay branching ratios are
predicted when there is no Yukawa interaction between the right-handed fermions
and $\Delta$ ( the branching fraction of $\Delta$ to a charged lepton and a
quark is 50\%), which could help refine the collider search limit on the scalar
leptoquark mass.
