The document discusses ketone bodies, which are formed in the liver from fatty acid breakdown and include acetoacetate, beta-hydroxybutyrate, and acetone. These water-soluble molecules provide an energy source for other tissues and are produced more during starvation or uncontrolled diabetes. Ketosis refers to high levels of ketone bodies in the blood and urine, while ketoacidosis is a dangerous condition where ketone levels become severely high, causing a metabolic acidosis. Treatment involves insulin administration and fluid/electrolyte management to prevent complications like dehydration.