Plain English Meaning
It's the final straight-in part of an instrument approach. You start at one fix, fly toward the runway, and have until a specific point to see the runway. If you don't see it by that point, you have to climb away and try something else.
Full Definition
The segment of an instrument approach procedure that runs from the Final Approach Fix (FAF), where the final descent toward the runway begins, to the Missed Approach Point (MAP), where the pilot must either have the runway environment in sight and continue to land or execute the published missed approach. On , this segment is typically flown at a published time and to determine when the MAP is reached.