Nemesis is a hypothetical red dwarf or brown dwarf, originally postulated in 1984 to be orbiting the Sun at a distance of about 95,000 AU (1.5 light-years), somewhat beyond the Oort cloud, to explain a perceived cycle of mass extinctions in the geological record, which seem to occur more often at intervals of 26 million years. In a 2017 paper, Sarah Sadavoy and Steven Stahler argued that the Sun was probably part of a binary system at the time of its formation, leading them to suggest "there probably was a Nemesis, a long time ago". Such a star would have separated from this binary system over four billion years ago, meaning it could not be responsible for the more recent cycles of mass extinctions.

More recent theories suggest that other forces, like close passage of other stars, or the angular effect of the galactic gravity plane working against the outer solar orbital plane (Shiva hypothesis), may be the cause of orbital perturbations of some outer Solar System objects. In 2010, researchers found evidence in the fossil record confirming the extinction event periodicity originally identified in 1984, but at a higher confidence level and over a time period nearly twice as long. However, in 2011, researchers analyzed the ages of known craters on Earth's surface and found strong evidence against periodic impacts, concluding that the earlier findings based on small samples were statistical artifacts. The Infrared Astronomical Satellite (IRAS) failed to discover Nemesis in the 1980s. The 2MASS astronomical survey, which ran from 1997 to 2001, failed to detect an additional star or brown dwarf in the Solar System.

Using newer and more powerful infrared telescope technology able to detect brown dwarfs with temperatures as low as 150 K, out to a distance of 10 light-years from the Sun, the Wide-field Infrared Survey Explorer (WISE survey) has not detected Nemesis. In 2011, David Morrison, a senior scientist at NASA known for his work in risk assessment of near Earth objects, has written that there is no confidence in the existence of an object like Nemesis, since it should have been detected in infrared sky surveys.

In 1977, Alfred G. Fischer and Michael A. Arthur first suggested a periodicity in life proliferation in pelagic environments, basing on fossil record. They do believe that this was driven by a terrestrial mechanism led by climate and oceanic circulation, without proposing an extraterrial cause.

In 1984, paleontologists David Raup and Jack Sepkoski published a paper claiming that they had identified a statistical periodicity in extinction rates over the last 250 million years using various forms of time series analysis. They focused on the extinction intensity of fossil families of marine vertebrates, invertebrates, and protozoans, identifying 12 extinction events over the time period in question. The average time interval between extinction events was determined as 26 million years. At the time, two of the identified extinction events (Cretaceous–Paleogene and Eocene–Oligocene) could be shown to coincide with large impact events. Although Raup and Sepkoski could not identify the cause of their supposed periodicity, they suggested a possible non-terrestrial connection. The challenge to propose a mechanism was quickly addressed by several teams of astronomers.

In 2010, Melott & Bambach re-examined the fossil data, including the now-improved dating, and using a second independent database in addition to that Raup & Sepkoski had used. They found evidence for a signal showing an excess extinction rate with a 27-million-year periodicity, now going back 500 million years, and at a much higher statistical significance than in the older work.

At any rate, the periodicity of extinction events is still debated in the paleontological community. For example, some recent works claimed that the periodicity is not statistically relevant.

Two teams of astronomers, Daniel P. Whitmire and Albert A. Jackson IV, and Marc Davis, Piet Hut, and Richard A. Muller, independently published similar hypotheses to explain Raup and Sepkoski's extinction periodicity in the same issue of the journal Nature. This hypothesis proposes that the Sun may have an undetected companion star in a highly elliptical orbit that periodically disturbs comets in the Oort cloud, causing a large increase of the number of comets visiting the inner Solar System with a consequential increase of impact events on Earth. This became known as the "Nemesis" or "Death Star" hypothesis.