Wireless virtual reality (VR) imposes new visual and haptic requirements that are directly linked to the quality-of-experience (QoE) of VR users. These QoE requirements can only be met by wireless connectivity that offers high-rate and high-reliability low latency communications (HRLLC), unlike the low rates usually considered in vanilla ultra-reliable low latency communication scenarios. The high rates for VR over short distances can only be supported by an enormous bandwidth, which is available in terahertz (THz) frequency bands. Guaranteeing HRLLC requires dealing with the uncertainty that is specific to the THz channel. To explore the potential of THz for meeting HRLLC requirements, a quantification of the risk for an unreliable VR performance is conducted through a novel and rigorous characterization of the tail of the end-to-end (E2E) delay. Then, a thorough analysis of the tail-value-atrisk (TVaR) is performed to concretely characterize the behavior of extreme wireless events crucial to the real-time VR experience. System reliability for scenarios with guaranteed line-of-sight (LoS) is then derived as a function of THz network parameters after deriving a novel expression for the probability distribution function of the THz transmission delay. Numerical results show that abundant bandwidth and low molecular absorption are necessary to improve the reliability. However, their effect remains secondary compared to the availability of LoS, which significantly affects the THz HRLLC performance. In particular, for scenarios with guaranteed LoS, a reliability of 99.999% (with an E2E delay threshold of 20 ms) for a bandwidth of 15 GHz along with data rates of 18.3 Gbps can be achieved by the THz network (operating at a frequency of 1 THz), compared to a reliability of 96% for twice the bandwidth, when blockages are considered.