This lecture discusses inverse matrices and matrix rank. It defines an inverse matrix as a matrix A-1 such that A-1A = AA-1 = I, where I is the identity matrix. For a matrix to have an inverse, it must be square and have a non-zero determinant. The lecture provides examples of calculating inverse matrices and shows that the inverse can be found using the adjoint matrix and determinant. Properties of inverse matrices include the inverse of products and transposes. Inverse matrices can also be computed using Gaussian elimination to put the matrix in reduced row echelon form. Matrix rank is also introduced.