Loot Lizards are peaceful creatures burdened by the weight of items they carry. You can help unburden them by attacking them. They will flee when attacked.
There are several different types of Loot Lizards that carry different items, and they can be distinguished from each other by their color.

When reduced to zero health, Loot Lizards will escape. If they have not been damaged for 20 seconds, they will also escape. This timer will reset whenever any damage is dealt to them.