ClassCastException is a frequent runtime exception in Java that arises when an attempt is made to cast an object to a class of which it is not an instance, such as casting a String to an Integer. This unchecked exception does not require declaration in a method's throws clause. Common sources include using collections like HashMap and ArrayList without Java Generics and methods predating Java 5 that utilize polymorphism. An example demonstrates this exception when a String is cast to an Integer, and a solution involves using the instanceof operator to verify the object's type before casting. Prevention strategies include employing type checks and Java Generics for compile-time type safety. Tools like Rollbar can facilitate error management by providing real-time tracking and analysis of exceptions, enhancing confidence in deploying production code.