Luckily Farosh is docile, and won't actively attack Link on sight. The item you can get from the dragon is Farosh's Horn, which is essential for upgrading the Champion's Tunic with a Great Fairy. The catch with this beast is that she only appears at night, around the Lake Hylia area.

Can Farosh kill you?

Along with the other two dragons, Farosh cannot be killed and can only drop one item a day (in-game time). Though it is classified as "Monster" in the Hyrule Compendium, Farosh is actually a spirit who means no harm to Link as the balls it emits are produced by Farosh involuntarily.

What happens if you shoot Farosh?

Farosh will drop different Materials if Link shoots it with a Bow. Depending on where Farosh is shot, it will drop a Shard of Farosh's Horn, Shard of Farosh's Fang, Farosh's Claw or Farosh's Scale. After being shot, the dragon will disappear until the next in-game day.