Complex III, also known as the cytochrome bc1 complex, is a crucial component of the electron transport chain located in the inner mitochondrial membrane. It plays a vital role in oxidative phosphorylation by facilitating the transfer of electrons from ubiquinol (QH2) to cytochrome c, while simultaneously pumping protons (H+) across the membrane to create a proton gradient. This gradient is essential for ATP synthesis during cellular respiration.