The Boyer-Moore algorithm, developed by Robert S. Boyer and J. Strother Moore in 1977, is a text pattern searching technique that compares the pattern against text from right to left. Upon encountering a mismatch, it shifts the pattern to align with a previously matched good suffix or skips to the next potential position based on bad character rules. The pseudocode for the algorithm outlines how the pattern and text indices are manipulated to efficiently find substring matches.