Sqoop is a data ingestion tool developed by Cloudera for transferring data between HDFS and relational database management systems (RDBMS) like MySQL and Oracle. It simplifies data import and export processes by allowing users to specify what data to transfer, while managing the underlying processes, and supports incremental imports as well as parallel processing for efficiency. Sqoop can also import data into Hive and HBase, ensuring correct metadata handling, and offers various command-line options for various import and export operations.