Inhabitants of the island tell the truth 1/3 of the time and lie 2/3 of the time. When one person makes a statement and the next claims it is true, the probability that the statement is actually true can be calculated using Bayes' theorem. The analysis considers four scenarios based on the truthfulness of both individuals, leading to the conclusion that only the first (both truthful) and last (both lying) scenarios are possible. The final probability that the statement is true is determined to be 1/5, not 1/3, as initially thought. This demonstrates the importance of considering the validity of each scenario in probability calculations.