LTI is acroynm for (learning tool interactive) – yes, very vague, which means lots of options or LTI services that you can utilize.
On a conceptual level, moodle can act as either;
A LTI provider – where your moodle instance is serving up LTI services
A LTI consumer – where your moodle instance is consuming from another server, its content.
See on Scoop.it – Moodlicious