Like Like
The Like Like is a voracious and gelatinous tube-like creature that usually resides in wet and dark places, and sometimes dry. They are present in nearly every Zelda game. They especially love shields, considering them a delicacy. The name "Like Like" is derived from an ancient Hylian proverb, "Shield-eaters and world leaders have many likes alike". If killed quickly enough, they will usually drop the shield, although in The Legend of Zelda, A Link to the Past, Oracle of Ages, and Oracle of Seasons it was gone for good after being eaten, forcing Link to buy a new one, or the player to reset the game. Like Likes are generally yellowish in color and dissolve into a puddle when killed, although sometimes they simply disappear when killed. In The Legend of Zelda: The Minish Cap, they look somewhat like three brown doughnuts stacked on top of each other. Like Likes have been found in Hyrule, Koholint Island, Termina, Holodrum, and Labrynna.
It has a taste for Shields (and Tunics in Ocarina of Time) and considers them a delicacy. To obtain a sheild or other equipment, Like likes will suck in and engulf Link, then churn and grope him inside of their gelatinous "mouths" until they can suck his equipment off of him, after which they'll spit him out without his equipment and avoid him until they finish eating. In later Zelda games, Like Likes cannot take the Mirror Shield or whatever final shield Link finds and can't buy, for obvious reasons. Even if Link has no "food" for a Like like to eat, they will still suck in and taste Link, spitting him out when they're finished since they can't digest him, dealing minimal damage in the process, then continue to chase down and "eat" the tasty hero.
In The Legend of Zelda: The Minish Cap they have the ability to burrow undergound, and only reaveal themselves when Link is close, making an unaware player doomed to a voracious fate. A cousin of the Like Like is the Rupee Like.
In LoZ, you will have to buy a new shield if this happens, though in later Zelda's, you can often recover your shield after slaying the foe. Slash them with your sword a few times and they will be no more. Arrows and bombs are also useful, if you want to keep a safe distance and avoid losing any equipment. Also, they are vulnerable to fire.
Quote from The Legend of Zelda: The Minish Cap Like Like figurine:
"Appears in caves, dungeons, ect. Don’t let them grab you: they’ll eat your shield if they hold you long enough, Swing your sword to escape."