Proposed independently by Lowry and Bronsted in 1923, this theory defines acids and bases by proton transfer rather than by what they release in water: an acid is a substance with a tendency to donate a proton to another substance, and a base is a substance with a tendency to accept a proton from another substance -- an acid is a proton donor, a base is a proton acceptor.
When HCl dissolves in water, HCl+H2O→H3O++Cl−: HCl donates a proton (acts as the acid) and H2O accepts it (acts as the base). When NH3 dissolves in water, H2O+NH3⇌NH4++OH−: NH3 accepts a proton (acts as the base) and H2O donates it (acts as the acid) -- so water can play either role depending on its partner.
Conjugate acid-base pairs. In the general reaction Acid1+Base2⇌Acid2+Base1, the species left behind after an acid donates its proton is itself a base -- the conjugate base of that acid. Species differing only by a proton are called a conjugate acid-base pair. For HCl+H2O⇌H3O++Cl−, the two conjugate pairs are HCl/Cl− and H3O+/H2O: Cl− is the conjugate base of HCl, and H3O+ is the conjugate acid of H2O. A strong acid's conjugate base is always weak, and vice versa, because a strong acid's dissociation lies almost entirely to the right, leaving its conjugate base with only a negligible tendency to re-accept a proton.
Amphiprotic species such as HCO3− or HPO42− can act as either a Bronsted acid (donating a proton) or a Bronsted base (accepting one), depending on the reaction partner -- they sit in the middle of a chain of successive conjugate pairs.
Limitation. Substances like BF3 and AlCl3 behave as acids (accepting an electron pair) despite having no proton to donate at all -- a case the Lowry-Bronsted definition cannot classify, which the Lewis concept resolves.