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Are there predominant types of oils or fats that are used in Latin American cooking, in the way you would say that olive oil is typical for Southern Europe?
Maybe it does not even make sense to speak of Latin America as a whole but perhaps there are still some interesting patterns, based on cultural influence and availability.
Lard, mostly, maybe coconut oil or peanut oil.
Corn oil is quite popular. It is used particularly often when frying, since it has a much higher smoke point than most other oils. It is also very cheap, at least in the Americas, making it more widely accessible than (say) olive oil.
