What you have defined there is a loop with two iterators.
Python will iterate over the elements of myList and assign this value to i then will pick the first element and check if it can be iterated (e.g. a tuple or another list) and will assign b to this iteratable elemement.
In this case let's say mylist= [(1,1), (2,2)]
Then you can do:
for i, j in l:
print i, j
and you will get
1 1
2 2
Why? Because, the second one is an iterator and will loop through the internal elements and spit them out to the print function. (so it does another "hidden" for loop)
If you want to get multiple variables from different lists (need to be same length) you do (e.g.)
list1 = [1, 2, 3, 4]
list2 = [5, 6, 7, 8]
for i, j in zip(list1, list2);
print i, j
So the general answer to your question is Iterators + Python magic (meaning that it will do things you haven't asked it to)