How do I turn down a company’s offer without ”burning a bridge”?

A follower on Twitch got two job offers (first off, YAY!!), and wanted to know how they should word their communication to the company whose job offer they would not be taking. It can feel great when you have multiple job offers, but you also want to maintain a good reputation. You have to say no to all but one of those offers. You can do this with grace and style, and it's extremely rare that you would "burn a bridge" in the tech industry unless you're a massive jerk about it. And you're not gonna do that, are ya?!
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