Cholesterol esterification is a biochemical process where a fatty acid is attached to cholesterol, forming a cholesterol ester, which is crucial for the transport and storage of cholesterol in the body. This process is primarily facilitated by the enzyme lecithin-cholesterol acyltransferase (LCAT) in the bloodstream and acyl-CoA cholesterol acyltransferase (ACAT) in cells, playing a significant role in lipid metabolism and cardiovascular health.