A Lambda Function in AWS is an event-driven, serverless computing platform that enables you to run code without provisioning or managing servers. It can be triggered by events such as HTTP requests, changes to data in an Amazon S3 bucket or DynamoDB table, or directly from other AWS services. Lambda handles all the administration of the underlying compute resources and allows you to focus on your code's functionality. When a request is made, it automatically allocates the necessary computing resources and executes your function code in parallel across multiple availability zones for high availability and scalability. The result of each execution can be processed further by other AWS services such as Amazon Kinesis Streams or Amazon Simple Queue Service (SQS).