The Flare Gun is a new weapon that was added to Fortnite in the 13.20 update. It fits in nicely with the flooded theme of the game, and at this point fans have been waiting almost a year for it to appear in the game, so it makes sense that it comes after the flood.
You can get the flare from loot boxes, llamas, supply drops, or it can just randomly spawn on the ground, like any other weapon in the game. The flare will do 60 damage to an enemy if you hit it. It has six shots when you pick it up and it will take 1,5 seconds to reload between shots. Interestingly, when you fire the last shot, the gun will disappear from your inventory, so it looks like there won't be any extra gun ammo.
The projectile itself is quite slow, so it should be fairly easy to dodge, but it does appear to have a blast radius when it explodes. It also doesn't appear to set cover on fire, so you won't be able to really clear enemy box builds as it will take too long to remove cover.
Currently it looks more like a weapon that people will use to BM kill other players rather than anything that will even become meta ranged in the game. There is a chance that if it starts appearing at higher rarities that it can do enough damage to be worth it, but right now you're going to get outgunned by just about any other weapon in the game.