It refers to a long, narrow strap of leather used for various purposes, such as:
* Securing saddles to horses: This is the most common use.
* Fastening cinches: These are the straps that tighten the saddle onto the horse.
* Making reins or bridles: The strong leather makes it ideal for these applications.
So, you don't need to translate "latigo" into English. It's already an English word!