Pandas is an open-source Python library that provides high-performance data manipulation and analysis through powerful data structures, focusing on loading, preparing, manipulating, modeling, and analyzing data. Key components include one-dimensional labeled arrays (Series) and two-dimensional data structures (DataFrames), which allow for efficient handling of large datasets, missing data, and statistical computations. The library supports various functions and algorithms necessary for data analysis, as well as tools for integrating with other languages like R.