The Fanged Pit is the area in Moria beneath Lumul-nar, the Hall of Mirrors. While in Lumul-nar, you can see The Fanged Pit from above as you stand on the scaffolding around the big lens (or on the big lens) where the final boss, Ergoth, is fought.
Remember Moria is vertical from one area to the next as you go more south on the in-game map, as evidenced by The Endless Stair, which you can see in several zones as you travel deeper into Moria.
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