This patient with type 1 diabetes mellitus (T1DM) presents with diabetic ketoacidosis (DKA) as evidenced by a metabolic acidosis with low bicarbonate and pH, low PCO2 due to compensatory hyperventilation, and elevated blood glucose and ketones. The metabolic acidosis is primarily due to the accumulation of ketone bodies from the breakdown of fat in the absence of insulin. The patient requires emergent treatment including intravenous fluids and insulin.