The Krebs cycle, discovered by biochemist Hans Adolf Krebs in 1937, is a series of chemical reactions critical to cell metabolism, producing carbon dioxide and adenosine triphosphate (ATP). The cycle involves multiple steps starting from the combination of acetic acid with oxaloacetate, leading to the production of key compounds like NADH, FADH2, and ATP. It ultimately regenerates oxaloacetate, allowing the cycle to repeat.