A reversible reaction is a chemical process in which the products can react to regenerate the original reactants, allowing the system to reach a state of dynamic equilibrium. This means that both the forward and reverse reactions occur simultaneously, and the concentrations of reactants and products remain constant over time. The concept of reversible reactions is crucial for understanding how changes in conditions can affect the position of equilibrium and the rates of reactions, particularly in electrochemical processes as described by the Nernst equation.