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A Tripos is (slightly confusingly) divided into two parts, Part I and Part II. Since a bachelor's degree usually takes three years to complete, either Part I or Part II is two years, and the other one year. Which this is can vary from subject to subject. There is also an optional Part III offered in some subjects such as Mathematics.
Students are examined formally at the end of each part, and are awarded a degree classification for each part. The classification of Part II is usually considered to be the classification for the degree. Some subjects are examined in all three years; for example the Natural Sciences Tripos has examinations for Part 1A, Part 1B and Part II.
Degree regulations state that to be awarded a degree you must have passed both a part I and a part II examination. This places some restrictions on an undergraduate switching subjects. For example someone who wished to switch from a subject with a two-year part I at the end of the first year (i.e. before they had been examined for part I) would have to either wait a year and sit part I in their old subject or sit part I of their new subject, in which case they might take four years to complete their degree.