The story
Blend of para- (as in paraplegia or parallel (as preferred by the International Paralympic Committee itself, according to Snopes)) + Olympics, itself from Olympic + -s.
Etymology from Wiktionary, CC BY-SA 4.0.
Paralympics
Today it means: Synonym of Paralympic Games (“an international sports competition participated in by sportspeople with physical disabilities, which is held every four years as a counterpart of the Olympic Games and nowadays at the same venue”). Full definition →