The Bandolier in an Uncommon item introduced in Risk of Rain 2. Whenever the user kills an enemy there is a 18% chance for an ammo box to drop. The box resets all ability cooldowns for the player who picks it up. This chance increases by 10% for each subsequent stack. The ammo box disappears fairly quickly if not picked up.
As the boxes have to be picked up for this item to do anything, a melee or close-ranged characters benefit the most. The Mercenary makes great use of this item, as he can collect the boxes while dashing through enemies with Blinding Assault, or during Eviscerate.
The Engineer's Auto-Turrets long cooldown can be completely skipped, and each box adds a single charge to Pressure Mines.
Note that skills with multiple charges gain only one charge. This can greatly increase the value of Backup Magazine.
Equipment cooldowns are unaffected.