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Forgive me if my terminology is a bit wacky or wrong, but from what I understand the main selling point of veracrypt/truecrypt is plausible deniability of the existence of data. Meaning you can hide data inside of a "hidden volume" which by default is just gibberish data, random 1s and 0s, but can conversely be used to store data and is indistinguishable from the gibberish data. The hidden volume will only take up a portion of the encrypted container, while the rest of the container is allocated either to legitimate data or phony data meant to throw off anyone looking through your things. Luks is just full disk encryption and all encrypted data is presumed to be legitimate data. Luks I think is pretty much exclusively a Linux thing(maybe BSD too i dunno), while veracrypt is more portable and can be used on anything from windows to your smart fridge. More information on their website: https://www.veracrypt.fr
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