We consider interpretations of the recent $\sim 3 \sigma$ reports by the CMSand ATLAS collaborations of a possible $X(\sim 750~{\rm GeV})$ state decayinginto $\gamma \gamma$ final states. We focus on the possibilities that this is ascalar or pseudoscalar electroweak isoscalar state produced by gluon-gluonfusion mediated by loops of heavy fermions. We consider several models forthese fermions, including a single vector-like charge $2/3$ T quark, a doubletof vector-like quarks $(T, B)$, and a vector-like generation of quarks, with orwithout leptons that also contribute to the $X \to \gamma \gamma$ decayamplitude. We also consider the possibility that $X(750)$ is a dark mattermediator, with a neutral vector-like dark matter particle. These scenarios arecompatible with the present and prospective direct limits on vector-likefermions from LHC Runs 1 and 2, as well as indirect constraints fromelectroweak precision measurements, and we show that the required Yukawa-likecouplings between the $X$ particle and the heavy vector-like fermions are smallenough to be perturbative so long as the $X$ particle has dominant decay modesinto $gg$ and $\gamma \gamma$. The decays $X \to Z Z, Z \gamma$ and $W^+ W^-$are interesting prospective signatures that may help distinguish betweendifferent vector-like fermion scenarios.