Las Vegas algorithms are a type of randomized algorithm that always produce a correct result, but their execution time can vary. They use randomization to explore different possibilities and may take longer for some inputs than others. However, they guarantee that when they finish, the output will be accurate. These algorithms are often used in scenarios where finding a solution quickly is important, such as in computer science and optimization problems. Examples include randomized algorithms for sorting or searching, where the randomness helps improve average performance, even if the worst-case scenario might be slower.