The Liar Paradox is a statement that contradicts itself, creating a logical dilemma. A classic example is the phrase, "This statement is false." If the statement is true, then it must be false, but if it is false, then it must be true. This self-referential nature leads to confusion about its truth value. Philosophers and logicians, such as Epimenides and Bertrand Russell, have explored the implications of the Liar Paradox. It raises questions about truth, language, and the foundations of logic, prompting discussions on how to handle self-referential statements in formal systems.