Anaphylaxis is a severe, life-threatening allergic reaction that occurs rapidly after exposure to an allergen like peanuts or bee stings. It involves an antibody-mediated release of chemicals from the immune system that can cause shock, low blood pressure, airway narrowing, and breathing difficulties. Common causes include foods, medications, insect stings, latex, and other allergens. Immediate treatment involves epinephrine, oxygen, fluids, and positioning the patient to maintain airway patency.