An LED is a semiconductor that emits light when a current is passed through it. It consists of a chip with two regions, a p-region and an n-region, separated by a junction. When a sufficient voltage is applied, electrons can cross the junction from the n-region to the p-region, recombining with positve charges and releasing energy in the form of photons. Different materials in the chip cause LEDs to emit different colors of light. LEDs are commonly used as indicator lights and in various display applications due to their efficiency and durability.