Plain English Meaning
Ice that builds up inside the engine's carburetor and blocks air from getting through. The engine starts losing power and can quit if the ice is not melted out.
Full Definition
Ice that forms inside an aircraft's carburetor when the rapid pressure drop and fuel vaporization in the venturi cool the incoming air below freezing, causing moisture in the air to condense and freeze on internal surfaces such as the throttle plate and venturi walls. The accumulated ice restricts airflow to the engine, causing a loss of power and, if uncorrected, complete engine stoppage.
Context Anchor
You may encounter this during low-power operations such as descents, steep spirals, , or any where is reduced for an extended time.