Detailed balance is a principle in statistical mechanics that states, for a system at equilibrium, the rate of transitions between states must be equal in both directions. This means that for every process going from state A to state B, there exists a corresponding reverse process going from state B to state A, ensuring that the system remains stable over time. This concept is fundamental in understanding fluctuation theorems and the Jarzynski equality, as it connects microstate transitions with macroscopic observables.