Stiletto is Sly Rax’s main mask, usually worn aboard Piranha, and it fires barbed darts in rapid bursts. The fan wiki gives the fullest description of the effect: the mask forms the darts out of dust in the air, hardens them into carbon in seconds and fires them like a machine gun, which is why they seem to glow as if made of light. It adds a line-of-sight guidance system that sends the darts wherever Rax is looking, an overheating limit that makes him use it in short bursts, and an underwater seal with a small oxygen supply. Those details come from the wiki alone; Wikipedia’s character list says armor-piercing harpoons.
The wiki lists the mask in most first-season episodes, from The Deathstone on. One error shows up in the DC comic, where the fan wiki says Rax’s Stiletto fires throwing knives and not darts.
The mask has the same name as a vehicle, which is a separate encyclopedia entry. Kenner packed the mask with Piranha in 1985 and in a 1986 two-pack with Cliff Dagger. Sly Rax’s second mask, Sawblade, is the same shape in different colors.