A Memory Palace is a mnemonic device that helps individuals remember information by associating it with specific locations within a familiar environment. This technique involves visualizing a place, such as a house or a street, and mentally placing items or concepts to be remembered at various locations within that space. When recalling the information, one can mentally walk through the Memory Palace, retrieving the stored items as they reach each location. This method leverages spatial memory, making it easier to remember complex information by creating vivid mental images linked to physical spaces.