A lakehouse is a modern data architecture that combines the flexibility and low-cost storage of a data lake with the transactional capabilities and performance of a data warehouse. It is a unified platform where data is stored in open formats in a data lake, while a metadata layer on top adds key data warehousing features like ACID transactions, schema enforcement, and data governance. This approach allows organizations to perform business intelligence, data science, and machine learning on a single, shared source of truth, eliminating the need for separate data systems and complex data movement.