Hepatic lipase functions as a catalyst by accelerating the breakdown of lipids without being consumed in the process. It specifically catalyzes the hydrolysis of fatty acids from triglycerides and phospholipids, a reaction essential for the remodeling of lipoproteins. The enzyme contains a catalytic triad composed of serine, histidine, and aspartic acid, which collectively facilitate the cleavage of ester bonds in lipid molecules.