The Acevedo's Algorithm is a method developed by José Acevedo Jiménez to calculate logarithms. It involves raising a number a to successive powers of the base b, while multiplying the exponents by the number system base B. If the resulting value is less than b, the logarithm of a can be expressed as the sum of the exponents divided by successive powers of B. The document provides an example of using the algorithm to calculate the logarithm of seven in base 10 to three decimal places.