Meiosis is a type of cell division that produces haploid gametes from diploid cells in two stages. In meiosis I, homologous chromosomes pair and undergo crossing over before separating, resulting in haploid daughter cells. Meiosis II then separates the sister chromatids, producing four haploid gametes. Errors in meiosis can result in aneuploidy, causing conditions like Down syndrome, or structural changes to chromosomes that may cause genetic disorders or cancer.