Lex is a tool for lexical analysis that reads in regular expressions and uses them to write a program that performs lexical analysis. It partitions the input string into substrings and classifies them according to their role. A lex program consists of declarations, translation rules that match patterns using regular expressions and perform actions, and optional auxiliary functions. The lexer recognizes tokens one by one from left to right and discards uninteresting tokens like whitespace and comments. Lexical analysis is an important first step in compiler construction.