Pandas is an open-source data manipulation and analysis library for Python. It provides data structures like DataFrames and Series that simplify handling and analyzing structured data. Pandas is widely used for tasks such as data cleaning, transformation, and aggregation. Its powerful functions allow for reading and writing data to various file formats like CSV, Excel, and SQL. With features like time series functionality and intuitive data indexing, Pandas is a go-to tool for data scientists and analysts when working with large datasets.