Cocoapods is a dependency manager for Swift and Objective-C Cocoa projects that allows developers to specify libraries and frameworks for their Xcode projects. It has over 10,000 pre-built libraries available and allows specifying library versions to avoid breaking changes. Cocoapods is installed via Ruby and generates a Podfile to define project dependencies which are then installed to a generated Xcode workspace. Common commands include pod init, pod install, pod update and pod search.