We argue that the main feature behind novel properties of higher-dimensional black holes, compared to four-dimensional ones, is that their horizons can have two characteristic lengths of very different size. We develop a long-distance world-volume effective theory that captures the black hole dynamics at scales much larger than the short scale. In this limit the black hole is regarded as a blackfold: a black brane (possibly boosted locally) whose world volume spans a curved submanifold of the spacetime. This approach reveals black objects with novel horizon geometries and topologies more complex than the black ring, but more generally it provides a new organizing framework for the dynamics of higher-dimensional black holes.