Meiosis is a type of cell division that reduces the number of chromosomes by half to produce gametes like eggs and sperm. It involves two nuclear divisions called Meiosis I and Meiosis II. In Meiosis I, homologous chromosomes pair up and may exchange genetic material through crossing over. This results in the separation of homologous chromosomes into daughter cells. Meiosis II then separates the sister chromatids, resulting in four haploid daughter cells each with half the number of chromosomes of the original cell. This allows for genetic variation in offspring through independent assortment and fertilization.