Lagrange Interpolation is a mathematical method used to estimate the value of a function at a given point based on known values at other points. It constructs a polynomial that passes through a set of given data points, allowing for accurate predictions within the range of those points. The formula involves creating basis polynomials for each known point, which are then combined to form the final interpolating polynomial. This technique is particularly useful in fields like numerical analysis and computer graphics, where precise calculations are essential for rendering curves and surfaces.