Plain English Meaning
The speed boundaries the manufacturer says you must stay within when flying the airplane. Go too fast and you risk damaging the airframe; go too slow and the airplane stalls. Different limits apply depending on what the airplane is doing -- flaps down, gear down, in turbulence, or in a steep maneuver.
Full Definition
The maximum and minimum airspeeds at which an airplane is approved to be operated, including specific limits for various configurations and flight conditions, as published in the Pilot's Operating Handbook (POH) or Airplane Flight Manual (AFM). Common airspeed limitations include never-exceed speed (), (), (VA), maximum -extended speed (), and maximum -extended speed ().