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Mega Raids function similarly to any other raid in Pokémon GO. Different gyms in your area will hatch a Raid Egg at a certain time, hosting a particular Pokémon at that gym for players to defeat for a chance to capture.
There are four tiers to all raids in the game: Tier 1, Tier 3, Tier 5, and Mega Raids. While Tier 5 Raids are often considered to be incredibly difficult, Mega Raids are usually even harder, requiring more powerful Pokémon when going into them.
Source: https://www.distractify.com/p/what-is-mega-raid-pokemon-go
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