The bicarbonate-carbonic acid buffer system is a crucial physiological mechanism that helps maintain the pH balance in the body by regulating hydrogen ion concentration. It functions by converting carbon dioxide (CO2) and water (H2O) into carbonic acid (H2CO3), which can then dissociate into bicarbonate (HCO3-) and hydrogen ions (H+). This system plays a vital role in the acid-base balance, ensuring that the blood pH remains within the narrow range necessary for proper cellular function.