Here’s one interpretation (not motion in a 2D Euclidean plane, but rather a Lorentzian one): instead of calling the coordinates $x,y$, call them $x,t$ respectively, and if you call the parameter $\lambda$ instead, then we have $L_2(t,x,\dot{t},\dot{x})=\frac{m}{2}(-\dot{t}^2+\dot{x}^2)$, which can be viewed as the Lagrangian associated to the Lorentzian metric $\eta=m(-dt^2+dx^2)$ on $\Bbb{R}^{1+1}$. So, the solutions Euler-Lagrange equations associated to $L_2$ are the (affinely parametrized) geodesics in the Minkowski spacetime $(\Bbb{R}^{1+1},\eta)$, which are simply straight lines in the usual affine sense.
The associated Hamiltonian is then $H_2=\frac{1}{2}\eta^{ab}p_ap_b=\frac{1}{2m}(-p_t^2+p_x^2)$.
Edit: Conserved Quantities
In general, suppose $Q$ is a configuration space and that for $i\in\{1,2\}$ we are given:
- a Lagrangian $L_i$
- $\mathcal{S}_i$ the set of solutions of the ELE associated to $L_i$
- $\mathcal{C}_i$ the set of conserved quantities associated to $L_i$ (i.e the set of smooth functions $f:TQ\to \Bbb{R}$ such that for all $\gamma\in \mathcal{S}_i$, we have that $f\circ\gamma’$ is constant).
Then, it is trivial to check that $\mathcal{S}_2\subset\mathcal{S}_1\implies \mathcal{C}_1\subset \mathcal{C}_2$. In particular, if $\mathcal{S}_1=\mathcal{S}_2$ then $\mathcal{C}_1=\mathcal{C}_2$.
So, in the present case, we have that $M:= x\dot{y}-y\dot{x}$ is a conserved quantity for $L_1$ and $L_2$ as we can see in a variety of ways.
- a direct calculation.
- the usual rotational symmetry argument applied to $L_1$ tells us the angular momentum $xp_y-yp_x$ is conserved, hence by the “general” theorem from above, it follows that once we express this as functions of positions and velocities, $x\dot{y}-y\dot{x}$ is conserved for both.
- apply the Lorentz invariance of $L_2$ tells us that $xp_y+yp_x$ is conserved for $L_2$, but really back in terms of positions and velocities this means $-x\dot{y}+y\dot{x}$ is the conserved quantity for $L_2$, and hence by the general theorem above, it is also conserved for $L_1$.
Part of OP’s confusion in the comments might have been due to $p_y$ in both cases actually being negatives of each other, so although $M:=x p_y- yp_x$ and $\tilde{M}:=xp_y+yp_x$ are different functions (on the cotangent bundle $T^*(\Bbb{R}^2)$), they’re the same function of positions and velocities (super precisely, if $\Bbb{F}L_i:T(\Bbb{R}^2)\to T^*(\Bbb{R}^2)$ are the fiber-derivatives/Legendre transforms, then $(\Bbb{F}L_1)^*(M):= M\circ \Bbb{F}L_1$ and $(\Bbb{F}L_2)^*(\tilde{M}):= \tilde{M}\circ \Bbb{F}L_2$ are, up to an overall minus sign the same function on $T(\Bbb{R}^2)$, namely $\pm (x\dot{y}-y\dot{x})$).
All of this is to say that conserved quantities cannot distinguish $L_1,L_2$; neither mathematically nor physically (because both have the same set of ELE solutions hence the same conserved quantities). Although if one naively expresses the conserved quantities in terms of momenta, then it may look like the system has different conserved quantities, but that’s due purely to the fact that the fiber-derivatives/Legendre transforms of $L_1,L_2$ are different.