AC to DC transformer for LED
The voltage conversion (if nessessary) is done inside the lamp housing that you pictured. This type of retrofit lamp is designed to fit into existing recessed cans that are designed to take a reflector bulb with a standard base. If you disconnect the orange connector and screw the base adapter into a bulb socket, a voltage meter will show 120v AC at the orange connector.
There are some cans that are designed to work with this type of bulb/bezel combo and supply the orange connector inside the can instead of a screw-in light bulb base.