An ester bond is a type of covalent bond that forms between a hydroxyl group (-OH) of an alcohol and the carboxyl group (-COOH) of a carboxylic acid, resulting in the release of a water molecule. This reaction is known as esterification and plays a crucial role in the formation of triglycerides, where three fatty acids are linked to a glycerol molecule through ester bonds, forming the backbone of fats and oils.