Magnetic fields are often said to do no work, but this is a debated point in physics. Inductors store energy in magnetic fields, which can be converted into other energy forms when needed. The Lorentz force explains that while magnetic forces act perpendicular to a charge's velocity, they do not perform work directly; instead, it is the induced electric field that does the work. The relationship between electric and magnetic fields is interdependent, allowing for energy transfer that can perform work on charges. The discussion highlights the complexity of electromagnetic fields and their roles in energy storage and transfer.