trailhead.salesforce.com/content/learn/modules/leads_opportunities_lightning_experience/create-and-convert-leads-lightning?trailmix_creator_id=drgordon9&trailmix_slug=account-contact-leads-and-opportunities
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Leads are people and companies that you’ve identified as potential customers.
When you convert a lead, Salesforce uses the information stored in the lead record to create a business account, a contact, and an opportunity. If you’ve enabled person accounts and the lead record didn’t include a company name, the lead is converted into a person account and an opportunity.
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