Gravitational waves are ripples in spacetime that travel at the speed of light and are generated by massive accelerating objects like black holes and neutron stars. They have long wavelengths compared to the size of the objects that produce them. LIGO detects gravitational waves by measuring tiny changes in the lengths of its arms caused by passing gravitational waves. The first direct observation of gravitational waves in 2015 confirmed their existence and provided insights into black holes and the universe.