Luther is faster and more agile. He has move reading to anticipate Bakugo. Only problem is without knowledge he'll have to get blasted a few times before he figures out how to anticipate it, so Bakugo could win if he inflicts significant damage early on.
Regular humans have tanked Bakugo's blasts, he'd have to open with one of his gauntlets at the magnitude that staggered All Might to hurt Strode - which he wouldn't do in character. Strode would blitz, slap Bakugo for a KO and call it a day.
Luther. He's more ruthless, slightly faster than Bakugo, he can heal himself, has better durability and has pre-cog. Like what Sy8000 said, Luther without knowledge will get hit a few times from the explosions before Luther can anticipate it. If Bakugo goes all out, he can kill Luther rather early in the fight.
This is a good fight. Bakugou certainly hits harder and can take a lot of what Strode can dish out, but that precogs gonna be a pain for him. I'd say Bakugou wins high-diff, but I can definitely see a case for Strode winning.
Bakugou wins in a good fight, his sheer AoE blasts should be able to counteract Luther's precog vision and I don't recall any phenomenal energy durability feats for Luther either to suggest he could withstand them for long, especially if Bakugou decides to use his more powerful attacks.