Vapor pressure is the pressure exerted by a vapor in thermodynamic equilibrium with its condensed phases at a given temperature. It relates to the evaporation rate of a liquid and is affected by factors like temperature, composition of mixtures, and presence of solids or liquids. Vapor pressure increases non-linearly with temperature and the boiling point of a liquid is reached when its vapor pressure equals atmospheric pressure. It plays an important role in cloud formation through processes like condensation, supersaturation, and Raoult's law governing vapor pressures in mixtures.