Lists in Python are dynamic arrays that can hold a variety of object types. This differs significantly from arrays, which typically require all elements to be of the same type, unless you're using a specific array type like those from the NumPy library.

Python lists are mutable, meaning they can be altered after creation, and they are capable of growing and shrinking as items are added or removed. Their flexibility and the comprehensive set of methods available make lists ideal for many programming tasks, from simple data aggregation to complex algorithms.