LTspice IV is a free SPICE circuit simulator developed by Linear Technologies. It allows users to schematically capture circuits and perform DC and transient analyses. While more advanced than simulators with schematic capture, LTspice requires knowledge of SPICE directives and has limited component libraries. However, it is widely used due to being free, fast, and powerful. The document provides guidance on using LTspice's interface and features such as adding models, performing analyses, and viewing waveforms.