Lactic acidosis is a form of metabolic acidosis that occurs when there is excessive lactic acid production or impaired utilization, overwhelming the body's ability to regulate pH levels. It is responsible for metabolic acidosis in diabetics and may occur without ketosis. Treatment of the underlying condition is important, along with sodium bicarbonate therapy or renal replacement therapy like hemodialysis to remove lactate. Lactic acidosis can be caused by tissue hypoxia, liver failure, or certain drug effects like those of metformin in diabetics.