The Lorentz factor is a crucial component in the theory of relativity, defined as \(\gamma = \frac{1}{\sqrt{1 - \frac{v^2}{c^2}}}\), where \(v\) is the relative velocity between two observers and \(c\) is the speed of light. It accounts for how time, length, and relativistic mass change as an object approaches the speed of light, fundamentally connecting concepts such as time dilation, length contraction, and relativistic momentum.