What happens if you send bitcoin to the wrong address?

I'm curious, what exactly happens if you accidentally send your Bitcoin to the wrong address? Is there any way to reverse the transaction and get your funds back? I've heard horror stories of people losing large amounts of money due to typos or other errors, so I'm eager to know what safeguards are in place to prevent such mishaps. Can you elaborate on the steps one should take if they find themselves in this unfortunate situation?