In reply to puppythedog:
95% correct. The other 5% of correctness is in the second post.
i.e. mostly, freedivers can't succumb to the bends because the air pressure in their lungs never exceeds 1 atmosphere (whereas a scuba diver at 40m would take a breath of compressed air that is regulated to equal the surrounding water pressure, i.e. 5 atmospheres).
So the freediver at 40m can continue to hold that breath all the way to the surface and their lungs (which have been compressed at depth) will expand as the air expands, but will expand only to 1 atmosphere.
If the scuba diver holds that breath and ascends to the surface, the air in their lungs will want to expand to five times its volume. The lungs can't accommodate this so they would tear. Therefore the scuba diver should be exhaling (or indeed continue to breathe normally). Even at that, the scuba diver must be careful to make a slow ascent because some of the air would (due to time at depth under compression) have made its way into the bloodstream in solution or as tiny tolerable bubbles. I'm not sure why, but it just does. When pressure reduces, that air in the blood expands. This causes the "bends". So a slow ascent allows that air in the blood to return to the lungs.
Top level freedivers who are diving deeper than around 80m can experience this due to the time they spend under a lot of pressure. 80m+ dives tend to take more than 3.5 minutes, and for two of those minutes they are deeper than 40-50m. This can cause air to be absorbed into the blood.
They don't make a slow ascent, given that they are holding their breath, but after surfacing and recovering they dive back down to around 15m and breathe compressed air and make a slow ascent like a scuba diver. This tends to solve the problem as the air in the bloodstream stays absorbed for the short surface interval. It's a bit like a micro version of a scuba diver going to a decompression chamber.