Plain English Meaning
These are the FAA's official rulebooks that tell you exactly what you must know and be able to do to pass your checkride. The ACS is the newer version; the PTS is the older one. A few certificates still use the PTS, but most have moved to the ACS.
Full Definition
The official FAA documents that specify the knowledge, risk management, and skill requirements an applicant must meet to pass a practical test (checkride) for a pilot certificate or rating. The Airman Certification Standards (ACS) is the current format and integrates aeronautical knowledge, risk management, and flight proficiency into a single standard for each task. The Practical Test Standards (PTS) is the older format, still used for a small number of certificates and ratings that have not yet transitioned to the ACS. define the minimum an examiner uses to an applicant.