A pun is a form of wordplay that exploits multiple meanings of a term or similar-sounding words for humorous effect. It often relies on the ambiguity of language, creating a clever twist that can lead to a laugh. Puns can be found in jokes, literature, and everyday conversation, making them a popular tool for comedians and writers alike. Puns can be categorized into different types, such as homophonic puns, which use words that sound alike but have different meanings, and homographic puns, which use words that are spelled the same but have different meanings. Famous examples include the phrase "Time flies like an arrow; fruit flies like a banana," showcasing the playful nature of language.