The Von Neumann architecture is a computer design model that describes how a computer's hardware and software interact. It consists of five main components: the central processing unit (CPU), memory, input, output, and storage. This architecture allows the CPU to execute instructions stored in memory, enabling the computer to perform various tasks. In this model, both data and instructions are stored in the same memory space, which simplifies the design but can lead to bottlenecks. The Von Neumann bottleneck refers to the limitation in data transfer speed between the CPU and memory, affecting overall performance in many systems.