Facebook Conversion API (CAPI)

Facebook's Conversion API (CAPI) is an interface for transmitting conversion events to Facebook. It is used, for example, for server-side tracking for Facebook events, but is often used in combination with the Facebook pixel. The greatest advantage here is the more precise measurement, because when using server-side tracking, ad blockers cannot prevent tracking.
It can also be used to implement data-privacy-friendly tracking if the website visitor has no direct connection with the Facebook servers and some information can also be filtered. (But a consent of the user consent is still necessary.)

Facebook advertises the conversion API by saying that more data can be tracked there than is available on the website - but you should always keep data privacy in mind.

The Facebook Conversion API is joined by the Offline Conversion API and the App Events API.

Further information on the Facebook Conversion API can be found here:
A guide to the technical implementation is available here:

With the Conversion API can not bypass the tracking limitations of Facebook, because these also apply here.