A governor is a device that regulates the speed of an engine by controlling the fuel supply. There are two main types - centrifugal and inertia governors. Centrifugal governors use rotating masses (flyballs) where the centrifugal force is balanced by a controlling force like tension in the arms. As speed increases, the flyballs rise and the controlling mechanism reduces the fuel supply. Common centrifugal governors include the Watt, Porter, Proell, and Hartnell governors which differ in their specific configurations and controlling mechanisms like dead weights or springs. The governor acts to maintain a constant average speed as the engine load varies.