The formal definition of a limit states that the limit of a function f(x) as x approaches a value a equals L if, for every epsilon greater than 0, there exists a corresponding delta greater than 0 such that for all x, if 0 < |x-a| < delta, then |f(x) - L| < epsilon. An example provided demonstrates this by showing that the limit of 5x - 3 as x approaches 1 is 2, using the relationship between epsilon and delta to establish the proof. The discussion emphasizes that this definition, while complex, ensures that f(x) can be made arbitrarily close to L within a specified range. Understanding limits in this way highlights the concept of controlling the error margin in function outputs. This foundational principle is crucial for further studies in calculus and mathematical analysis.