The Product Theorem for Determinants states that the determinant of the product of two square matrices is equal to the product of their determinants. Specifically, if A and B are both n x n matrices, then the theorem can be expressed as $$\text{det}(AB) = \text{det}(A) \cdot \text{det}(B)$$. This theorem is crucial in simplifying the computation of determinants when dealing with matrix multiplication and has broad applications in solving systems of linear equations and analyzing linear transformations.