When a process in the CPU asks for I/O, there is a special scheduler called the I/O Scheduler that takes care of managing the communication between the CPU and the I/O devices. The I/O Scheduler handles the I/O request and makes sure that the CPU is not left idle while waiting for the I/O operation to complete. It may decide to suspend the current process and choose another process from the ready queue to execute on the CPU, ensuring efficient utilization of system resources.