The Laser Rifle is dropped by the Wall of Flesh, it's a more powerful version of the Space Gun and a weaker version of the Heat Ray. It has a very fast speed and consumes 8 points of mana per shot. It fires nonstop automatically until you are out of mana if you hold down the left mouse button. The shots can also pass through several monsters at once.
The set bonus for Meteor Armor does not apply to this weapon.