WorkSafe began assessing the ferris wheel after the incident on Sunday.
Two engineers inspected the ride on Tuesday morning and advised that the issue was cosmetic and non-structural.
The ride was deemed safe to reopen when the show resumes tonight, a WorkSafe spokesperson said.
The festival, which runs over three weekends, includes interactive lighting installations, amusement rides and food trucks.
WorkSafe said it was contacted by a member of the public on Monday morning about the ferris wheel.
Illuminate organisers said a small cover plate came loose from one of the drive wheels on Sunday night.
Operations manager Michael Dewar said they want to reassure the public the ferris wheel remains safe.
"Safety remains our top priority, and we take any concern raised seriously.
"While we understand there may be public interest, we want to be clear: This was a minor maintenance issue, not a fault with the ride itself."
The plate that came off weighed about 200 grams, was about 5cm in diameter and was only cosmetic, Dewar said.
It did not affect the operation, structural integrity, or safety of the ride, and was not part of the structural load path, he said.
"Our team acted quickly, radioing the issue through and reattaching the cover within minutes."
The ride had also recently been reviewed by a certifying engineer as part of its regular maintenance programme, he added.
All of the rides were independently certified every two years, approved by WorkSafe and inspected by the local council each time they set up.
A Christchurch City Council spokesperson said they were aware of the incident and had spoken to the organisers.
"We have spoken to the organisers on site and understand the bolt was part of a cover plate, which has been reattached.
"We have requested that the organiser’s certifying engineer of the device carry out an inspection and provide a statement to the council ensuring that this matter has been resolved prior to the operation of the device this coming Thursday."
-Allied Media
