Mahavir Jayanti is a significant religious festival celebrated by Jains that commemorates the birth of Lord Mahavir, the 24th Tirthankara of Jainism. This day is observed with various rituals, prayers, and community gatherings that reflect the core beliefs of Jainism, such as non-violence and truth, showcasing the importance of Mahavir's teachings in shaping Jain practices and ethics.