Who is The Valar from The Silmarillion and what is their importance?

The Valar means Those with Power or The Powers. The Valar are the Ainur who descend to Ea at the beginning of time in order to guard and rule in Arda. They are also referred to as the Great Ones, the Rulers of Arda, the Lords of the West, and the Lords of Valinor. The Aratar, or the Exalted, are the eight most powerful Valar.