PL/SQL provides a data structure called a VARRAY that can store a fixed-size sequential collection of elements of the same type. A VARRAY is used to store an ordered collection of data like an array. All VARRAYs consist of contiguous memory locations with indexes associated with each element. A VARRAY type is created using the CREATE TYPE statement by specifying the maximum size and element type. VARRAYs can be initialized, accessed, and iterated over in PL/SQL code using examples provided.