Meiosis is the process of cell division that produces gametes, such as sperm and egg cells, with half the number of chromosomes as the original parent cell. It involves two cell divisions - Meiosis I and Meiosis II. In Meiosis I, homologous chromosomes pair up and separate, reducing the chromosome number by half. Meiosis II then separates the sister chromatids, resulting in four haploid daughter cells each containing a single set of chromosomes. This ensures genetic variation between gametes and allows for genetic recombination during fertilization.