Loot Llamas are pinatas packed with a random assortment of items that can be used in-game. They can be earned by playing the game or purchased with V-Bucks, and can be found in the game's Loot tab.
There are multiple types of Loot Llamas:
Mini Llama - Reward for mission completion on some missions.
Upgrade Llama - Standard Llama which has a chance to go Silver or Gold to reward more, and possibly better quality items.
Event llama - Llamas that are specific to the current event, which contain special event items in addition to the normal items found in Upgrade Llamas.
Rotating Llama - This is a Llama option that will change every day, and is typically more expensive, but gives specific groups of items. These Llamas are also typically only available to each player in limited quantities. Some examples include:
Ranged Weapon Llama
Melee Weapon Llama
It’s a Trap Llama
There are also “Super” variations of some Llamas, which are guaranteed to reward you with at least 1 Epic or higher tier item.