“Vagabond” comes from French and Latin vagus “wander”, and is related thus to “vague”.  “Wandering vagabond” is not quite redundant, however.  “Vagabond” has an unsavory connotation of lack of occupation or means, and is how the raft-elves describe the dwarves to the Master of Lake-town.

• 10.031 wandering vagabond dwarves

“vagabond, adj. and n.” OED Online. Oxford University Press, March 2015. Web. 9 May 2015.