What is a Caruncle?

What is that orange dangly thing on top of our vulture’s beak?

Many bird species have fleshy growths hanging from their head or neck called caruncles. King vultures have a unique caruncle attached to the cere, or base of their beak. Most birds’ caruncles are used in attracting mates, but the exact purpose of king vultures’ caruncles isn’t yet fully understood.