The ARIMA model is an essential tool in time series statistics, used for estimating and forecasting time-dependent data. It consists of three key parts: AutoRegression (AR), Integration (I), and Moving Average (MA). Python offers a range of libraries to implement ARIMA, like statsmodels, which has numerous features for building and analyzing models. The guide covers setting up your environment for ARIMA in Python, implementing an ARIMA model, evaluating its performance, tuning the model parameters, and wrapping up with best practices.