Plain English Meaning
It is how many times its own weight the wings are currently lifting. In straight-and-level flight the wings lift exactly the airplane's weight (1G). In a steep turn or sharp pull-up they have to lift more, so the load factor goes up.
Full Definition
The ratio of the total aerodynamic lift produced by the wings to the actual weight of the airplane. Expressed as a multiple of the airplane's weight (for example, 1G in level flight, 2G in a 60-degree banked level turn). It increases whenever the wings must produce more lift than the airplane's weight, such as during turns, pull-ups, or gust encounters.
Context Anchor
You encounter this during turns and ground reference maneuvers, including the rectangular course, where changes in bank angle affect how much the wings must carry.