This is a formal and very polite way to make a request. You use it when you want to ask someone to do something, often in service situations or when you need a favor. It sounds softer and more respectful than direct commands like ～てください. For example, when asking a waiter to wait, you might say お待ち願います. The verb 願う (to request) is conjugated to show politeness, most commonly as 願います or 願えます. Note that this pattern is not used with all verbs; it is typically used with verbs that have a ます-stem of one or two syllables (like 待つ, 読む). For longer or more complex verbs, other forms like ～ていただけませんか are more natural. Also, it is not used with する-verbs (like 勉強する) directly; instead, you might use ご～願う with the noun form.