The three ketone bodies - acetone, acetoacetate, and β-hydroxybutyrate - are synthesized in the liver from fatty acids and serve as an energy source, especially for the brain, during periods of low glucose such as fasting or diabetes. Glucagon stimulates ketone body production while insulin inhibits it. Increased ketone body production can lead to ketoacidosis, causing the blood to become acidic and potentially life-threatening. Treatment involves correcting metabolic issues with insulin administration and hydration.