萝卜 by itself usually means white radish (daikon). 胡萝卜 (húluóbo) is carrot, and 红萝卜 (hóngluóbo) can mean either carrot or red radish depending on the region.
mistakes
The second character 卜 is pronounced 'bo' (neutral tone) here, not 'bǔ' as in 占卜 (divination). This is a classic example of a character changing pronunciation in a compound word.
