Chemical equilibrium is a state in a reversible chemical reaction where the rates of the forward and reverse reactions are equal. This means that the concentrations of the reactants and products remain constant over time, even though both reactions continue to occur. At equilibrium, the system is balanced, and no net change is observed. Factors such as temperature, pressure, and concentration can affect the position of equilibrium, as described by Le Chatelier's Principle. Understanding chemical equilibrium is essential in fields like chemistry and biochemistry, where it helps predict how reactions will behave under different conditions.