Angiotensin-converting enzyme (ACE) inhibitors are key medications for managing hypertension, heart failure, diabetic nephropathy, and myocardial infarction, primarily by reducing levels of angiotensin II and increasing bradykinin levels. They can have adverse effects like hypotension, hyperkalemia, cough, and renal impairment, necessitating caution in certain patients, such as those pregnant or with kidney issues. ACE inhibitors are generally well-tolerated and require careful monitoring, especially during initiation of therapy.