The Conditional Operator, often referred to as the ternary operator, is a shorthand way to perform conditional evaluations in programming. It takes three operands and is typically used to simplify if-else statements. The syntax is usually structured as `condition ? value_if_true : value_if_false`. If the condition evaluates to true, the operator returns the first value; otherwise, it returns the second value. This operator is commonly found in languages like Java, C++, and JavaScript. It enhances code readability and conciseness, making it easier for developers to write and understand simple conditional logic without lengthy if-else blocks.