The silicon controlled rectifier (SCR), also known as a thyristor, is a three-terminal semiconductor device used for controlling high power and converting AC current to DC. It operates in three modes: forward blocking, forward conducting, and reverse blocking, with each mode varying based on the voltage and gate conditions. SCRs are advantageous for their ability to handle large voltages and currents, but they have limitations such as conducting only in one direction and needing to be turned on each cycle in AC circuits.