Solvolysis is a type of nucleophilic substitution (SN1) or elimination where the nucleophile is a solvent molecule.
Solvolysis of a chiral reactant results in the racemate (as expected in SN1) but is often accompanied by Walden inversion. This is explained by postulating an intimate ion pair whereby the leaving anion is still in proximity to the carbocation and effectively shielding it from an attack by the nucleophile.
For certain nucleophiles there are specific terms for the type of solvolysis reaction: e.g. for water, the term is hydrolysis; for alcohols, it is alcoholysis; for ammonia, it is ammonolysis; for glycols, it is glycolysis; for amines, it is aminolysis etc.
While solvolysis often refers to an organic chemistry context, hydrolysis is very common in inorganic chemistry, where aqua complexes of metal ions react with solvent molecules due to the Lewis acidity of the metal center. For example, aqueous solutions of aluminium chloride are acidic due to the aqua-aluminium complex losing protons to water molecules, giving hydronium ions which lowers the pH.