This is a HOWTO.
It is for people who have Steam, but it applies to non-Steam version as well.
LOD just means Level Of Detail. As you move closer to an object, the game engine draws a more detailed version progressively (more polygons).

Let's begin:

The file is at
/home/<user>/.local/share/Steam/SteamApps/common/BioShock Infinite/XGame/Config/DefaultEngine.ini

Find the line with
PoolSize
The value is in MB. For example, if you have 4 GB of VRAM, input 4096.
No, I'm not going to write MiB or GiB.

From Steam, you have to right click on the game
a popup menu appears.
Click On Properties
A window opens up
On the left side, choose Generalizing
On the right side, at the bottom, it says Launch Options.
Enter
-ReadTexturePoolFromIni
It should include the dash.
At the top right, click the X to close the window. There is no OK button.
Launch the game.
Whenever you change the DefaultEngine.ini file, you have to go into Options and set the Graphics Quality to maximum or ultra or whatever it is called.

I RECOMMEND:
Only play games on ultra high quality settings.
Some effects might annoy you so go ahead and turn them off.
v-sync or vertical sync. You might want to turn this on. If it is off, you'll get screen tearing.
v-cync is available in Bioshock Infinite.
If you want to benchmark, then turn it off to see the maximum FPS that your game achieves.
I don't know how to display FPS in Bioshock. You might want to yahoo it.