I assume you using WPML to translate your website.
You just need to translate the option's "Display text" in custom select field created with Types plugin
1) Install WPML + WPML String Translation + WPML Translation Management
2) Dashboard-> WPML-> String translation
Select strings within domain: plugin Types (xx)
and search the option's "Display text", and translate it to what you want
3) Display it custom select field with Types shortcode:
[types field="my-select"][/types] https://toolset.com/documentation/customizing-sites-using-php/functions/#select
It will be able to display the translated text in different languages version.
i have done that and it appears that the selects won't change in the admin panel. i think what you mean is that they will display as translated in the front end when i use content templates or views right ?
The change should be able to take effect on wordpress admin side too, it should be able to translate the "Display text" of custom select field in different language, If the problem still persists, please provide a database dump file (ZIP file) of your website in below private detail box, also point out the problem page URL and the problem custom select field, I need to test and debug it in my localhost, thanks