AWS Lambda is a serverless computing platform that allows developers to run application code without managing servers. While it's often associated with Amazon Web Services (AWS), the term "serverless" encompasses all cloud services that don't require manual server setup. AWS Lambda is a key feature of AWS, providing a functions-as-a-service (FaaS) platform where code runs only when triggered via API calls. The platform offers several benefits, including lightweight, hands-off serverless functions and high availability. However, it also comes with challenges, such as cold starts, concurrency limits, and deployment package limits. To get started with AWS Lambda, developers can use tools like New Relic's AWS Lambda integration to monitor their functions and optimize performance. The platform is not a one-size-fits-all solution, and developers should consider their specific needs and calculate the cost-effectiveness of serverless architecture for their applications.