Pair Programming is a collaborative software development technique where two programmers work together at one computer. One person, known as the driver, writes the code while the other, called the observer, reviews each line of code as it is written. This approach encourages real-time feedback and helps catch errors early in the development process. The benefits of Pair Programming include improved code quality, enhanced problem-solving skills, and increased knowledge sharing between team members. It fosters communication and teamwork, making it an effective method for both novice and experienced programmers to learn from each other while working on a project.