‘Vape’ is a verb. However, colloquially, ‘vape’ is sometimes ‘nounized’ to refer to devices (e.g., ‘nicotine vapes’).
Some people vape nicotine, a dependence-forming molecule. Others vape tetrahydrocannabinol (THC), the psychoactive compound found in cannabis (or they may vape CBD, a non-intoxicating molecule also derived from cannabis). Some other vape liquids contain neither nicotine nor cannabinoids.
People who vape are called ‘vapers.’ Their devices are ‘vaporizers.’ Vaping involves the heating of a liquid to release a liquid aerosol called ‘vapor’ (which is not ‘smoke’).