A non-competitive inhibitor is a substance that binds to an enzyme at a site other than the active site, which reduces the enzyme's activity regardless of the substrate concentration. This type of inhibition can occur whether the substrate is bound or not, leading to a decrease in the maximum reaction rate (Vmax) without affecting the Michaelis constant (Km). Non-competitive inhibitors play a significant role in regulating enzyme activity and can affect metabolic pathways.