The Von Neumann Architecture is a computer design model that outlines how a computer's components interact. It consists of five main parts: the central processing unit (CPU), memory, input devices, output devices, and the bus. This architecture allows the CPU to process data and instructions stored in memory, enabling the execution of programs. In this model, both data and instructions are stored in the same memory space, which simplifies the design but can lead to bottlenecks. The stored-program concept is a key feature, allowing computers to be programmed to perform various tasks by simply changing the instructions in memory.