This lecture covers the concept of exception handling in Python, including the use of try, raise, except, else, and finally blocks to manage errors. It explains how exceptions are raised, caught, and processed, with examples demonstrating different scenarios. The instructor discusses the importance of structured error handling for robust and readable code, highlighting the delegation mechanism and the propagation of exceptions. Additionally, the lecture explores the advantages of Python's exception mechanism and the different types of errors and exceptions that can occur during runtime.