Scope and extent refer to the region and duration in which references to objects can occur in Common Lisp. The scope is determined by factors like the location of the reference, the expression type, and location in the program text. There are different types of scope including lexical scope, where references are only allowed in certain program portions, indefinite scope with anywhere references, and dynamic extent where references are allowed between establishment and disestablishment. Scope and extent are important concepts for understanding variable bindings and references in Common Lisp.