The Wheatstone bridge is a device used to measure unknown electrical resistance. It consists of four resistors arranged in a diamond shape with two resistors of known value, one resistor of unknown value, and one variable resistor. By adjusting the variable resistor to balance the bridge circuit and produce a null reading on the galvanometer, the ratio of the two legs is equal to the ratio of the unknown resistor to the variable resistor, allowing the unknown value to be determined. The Wheatstone bridge works on the principle of null deflection and accurate resistance measurement.