The Las Vegas Algorithm is a type of randomized algorithm that always produces the correct result, but its execution time can vary. It uses randomization to make decisions during its process, which can lead to faster solutions in some cases. If the algorithm does not find a solution quickly, it can restart and try again, ensuring that the final output is always accurate. This approach contrasts with Monte Carlo Algorithms, which may provide a correct answer with a certain probability but do not guarantee accuracy. The Las Vegas Algorithm is particularly useful in scenarios where finding an exact solution is critical, such as in computer science and optimization problems.