ELI5 Spicy Food - if water is not a good antidote, what is?

Ever wondered why biting into a chili feels like setting your mouth on fire? Is it a taste or is it something else entirely? Why do some people seek out this fiery sensation? Can you build spicy food tolerance? Does drinking water help deal with the spice? Is there a limit to how spicy food can get? What are the hottest peppers out there?

... we explain like I'm five

Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: racoononbeers, vadered, rapafon, copnonymous, gramoun-kal and mathikaru

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