In case of leak, water based lube in non-disasterous but a leak of silicone lube can ruin everything in your luggage. (Same with pepper spray, by the way.)
I pack silicone lube inside a snack-size ziplock, inside a sandwich-size ziplock, inside a quart-size ziplock, inside a gallon-size ziplock. And that within my toiletry bag. I’ll buy a factory sealed bottle of silicone lube before a trip and just trash the excess before flying home.