Numba provides a way to write high performance Python code using NumPy-like syntax. It works by compiling Python code with NumPy arrays and loops into fast machine code using the LLVM compiler. This allows code written in Python to achieve performance comparable to C/C++ with little or no code changes required. Numba supports CPU and GPU execution via backends like CUDA. It can improve performance of numerical Python code with features like releasing the global interpreter lock during compilation.