We present a model for the distribution of void sizes and its evolution in the context of hierarchical scenarios of gravitational structure formation. We find that at any cosmic epoch the voids have a size distribution that is well-peaked about a characteristic void size that evolves self-similarly in time. This is in distinct contrast to the distribution of virialized halo masses, which does not have a small-scale cut-off.In our model, the fate of voids is ruled by two processes. The first process affects those voids which are embedded in larger underdense regions: the evolution is effectively one in which a larger void is made up by the mergers of smaller voids, and is analogous to how massive clusters form from the mergers of less massiv...