Las Vegas Algorithms are a type of randomized algorithm that always produce the correct result, but their execution time can vary. They use randomization to make decisions during the computation process, which can lead to faster solutions in some cases. If the algorithm does not find a solution quickly, it can restart the process, ensuring that it eventually arrives at the correct answer. These algorithms are often used in scenarios where a guaranteed solution is essential, such as in computer science and cryptography. Examples include randomized quicksort and Monte Carlo methods, which leverage randomness to improve efficiency while maintaining accuracy.