The chemical process that occurs in the mitochondria is called cellular respiration. This process converts glucose and oxygen into carbon dioxide, water, and ATP, which is the primary energy carrier in cells. Cellular respiration involves multiple stages, including glycolysis, the Krebs cycle, and the electron transport chain. Through these stages, energy is released and captured in the form of ATP, which cells use for various metabolic activities. This fundamental process is essential for the survival of aerobic organisms.