Goal of the present work is the study of involutory automorphisms and their centralizers of reductive algebraic groups and of split Kac-Moody groups, outside of characteristic 2. The groups in question have in common that they admit a so-called twin BN-pair (B_+, B_-, N) and an associated so-called twin building C=(C_+, C_-, δ^*). Let G be such a group. An involutory automorphism θ of G for which θ(B_+) is conjugate to B_- induces an almost isometry of the building C which interchanges the halves of the building and which we also denote by θ. This now enables us to apply the rich structure theory of buildings. An important tool for this is the so-called flip-flop system C_θ, consisting of all chambers c of C_+ for which the distance between...