Loaves is the plural form of loaf, which is a unit of bread. Loaves may be whole or sliced. Loaves is one of a group of nouns that end in “f” and are made plural by changing the “f” to “v.” This dates back to how words were pronounced in Old English; an “f” that occurred between two vowels was pronounced as a “v.” Loafs and loaves are two words that are close in spelling and pronunciation and may be considered confusables. However, loafs is the third-person present form of the verb, loaf. Loaf means to be lazy, indolent, or idle.

Source: Grammarist