During the pre-credits sequence, Felix Leiter (David Hedison), gives James Bond (Timothy Dalton) a Taurus PT92 "just in case". Bond uses it during the shootout against the henchmen that attack him, Leiter, and his fellow DEA Agents, using it moments later to shoot the Jeep's left front tire. Milton Krest (Anthony Zerbe) uses a PT92 to shoot at Bond on Krest's boat when he kills a diver and jumps off. The film's armorer states clearly its a Taurus PT92 and not a Beretta 92FS.
Many of Sanchez's henchmen are armed with H&K MP5A3 SMGs. Dario (Benicio del Toro) carries one on the Jeep in the pre-credits sequence. The guard (Carl Ciarfalio) at Milton Krest's warehouse carries one, as do several of Sanchez's men during the final shootout. It should be noted that the MP5A3s used in Licence to Kill were in fact "chopped and converted" HK94A3 carbines since the majority of the film was made in both the US (Florida) and Mexico and the production crew sourced their weapons from US film armourers.
The DEA agents and soldiers that escort the prison van carrying Sanchez and the soldiers in the fictional country of Isthmus use M16A1 rifles fitted with M16A2 handguards.
Ed Killifer (Everett McGill), the DEA agent that Sanchez bribed to get him out of custody, carries a Remington 870 shotgun in the prison van, using it to knock the driver out and take control of the van and run it off a bridge.
James Bond (Timothy Dalton) carries his usual Walther PPK as his weapon of choice throughout the film. However, it is seen with a wooden grip rather than the typical plastic. This is most likely the same PPK Dalton had carried in the previous film, The Living Daylights.
When Bond hijacks the seaplane full of money, one of the pilots pulls a Smith & Wesson Model 15 on Bond and attempts to shoot him with it (instead shooting a package of money), but Bond knocks it out of the pilot's hand.
CIA Agent Pam Bouvier (Carey Lowell) uses a sawed-off Mossberg 500 Cruiser during the bar fight. It blows a hole in the wall somehow big enough for a human to fit through.
Dario (Benicio del Toro) grabs a Smith & Wesson Model 66 from one of his henchmen in the bar and uses it to fire at Bond and Pam as they get away on the boat.
Pam (Carey Lowell) carries a stainless steel Beretta 21 Bobcat as her sidearm throughout the film, giving one to Bond, and grabbing a spare one out of her purse when Bond leaves to check the hotel room. She also notably uses her Bobcat when she meets Professor Joe Butcher (Wayne Newton) when she goes to "study" with him.
Im pretty sure its a 950BS Jetfire rather than the Bobcat. You can tell its single action in the close ups.
"Signature Camera Gun"
Q makes Bond a customized Camera Gun to assassinate Sanchez, which can only be fired by him (explaining why the Chinese Intelligence agents cannot get it to work). Q identified the gun's "film" as .220 high-velocity.
One of Sanchez' henchmen and Sanchez (Robert Davi) himself use Micro Uzis.Interestingly, in the truck chase, if you listen to the bullet impacts, they plink out some phrases from the James Bond theme song.
During the tour of Sanchez' drug lab, Dario (Benicio del Toro) pulls a Walther P5 on Bond. This was the same pistol issued to Bond when he'd "mislaid" his PPK in Octopussy.
During the tanker chase, Perez, one of Sanchez's henchmen, attempt to use an FIM-92A Stinger to try and kill Bond, but Bond dodges the missile by tilting his tanker on its left side wheels, making the missile miss and hit another tanker behind him. Sanchez later attempts to use one to take down Pam's plane when she flies low over the tanker Sanchez is on, but the missile goes through the tail.
