We examine various scenarios that involve a light O(1 TeV) leptoquark state and select those which are compatible with the current experimental values for B(B s → µµ), B(B → Kµµ) large−q 2 , R K = B (B → Kµµ)/B (B → Kee), and which lead to predictions consistent with other experimental data. We show that two such scenarios are phenomenologically plausible, namely the one with a doublet of scalar leptoquarks of hypercharge 1/6, and the one with a triplet of vector leptoquarks of hypercharge 2/3. We also argue that a model with a singlet scalar leptoquark of hypercharge 1/3 is not viable. Using the present experimental data as constraints, it is shown that the exclusive lepton flavor violating decays, B(B s → µτ ), B(B → Kµτ ) and B(B → K * µτ ), can be as large as O(10 −5 ).