The "Least Frequently Used" (LFU) algorithm is a cache management strategy that prioritizes keeping the most frequently accessed data while removing the least accessed items. It works by tracking how often each item is used, allowing the system to identify which data is less valuable over time. When the cache reaches its limit, the item with the lowest access frequency is removed to make space for new data. LFU is commonly used in computer systems, particularly in memory management and database caching. By efficiently managing resources, the LFU algorithm helps improve performance and speed, ensuring that frequently needed information is readily available while optimizing storage space.