Homonyms are words that sound the same or are spelled the same but have different meanings. For example, the word bat can refer to a flying mammal or a piece of sports equipment used in baseball. Understanding homonyms is important because they can change the meaning of a sentence, leading to confusion if not used correctly. In everyday language, homonyms can create fun wordplay and puns. For instance, saying "I went to the bank to fish" can mean visiting a financial institution or the side of a river. Recognizing these words helps improve communication and enriches our understanding of language.