Plain English Meaning
The flaps are lowered all the way down. This makes the wing produce more lift at slow speeds and adds a lot of drag, which lets the airplane come down at a steeper angle and land more slowly.
Full Definition
A flap setting in which the wing flaps are extended to their maximum deflection, producing the greatest increase in lift and drag available from the flap system. Used primarily in the landing phase to permit a steeper approach angle and a slower touchdown speed.
Context Anchor
You will hear or use this during landing practice, approach discussions, and instructor questions about aircraft configuration.