The fractional quantum Hall fluid is one of the most nontrivial strongly interacting fluids of nature. Many phenomena occurring in this fluid can be explained by postulating a new type of quasiparticle - the composite fermion. I will describe the new "Dirac composite fermion" theory, which has provided a simple solution to some long-standing puzzles and at the same time has stimulated the discovery of a large number of new dualities between quantum field theories in (2+1) dimensions. I will also describe physical consequences of the new theory.