"Floyd's Tortoise and Hare" is a classic programming problem that illustrates the concept of cycle detection in a linked list. It involves two pointers, one moving slowly (the tortoise) and the other moving quickly (the hare). If there is a cycle in the list, the fast pointer will eventually meet the slow pointer. This algorithm, attributed to Robert W. Floyd, is efficient and operates in linear time, O(n), with constant space, O(1). It is commonly used in computer science to identify loops in data structures, ensuring that algorithms can handle such scenarios effectively.