Plain English Meaning
A small portable radio you can hold in your hand, which can both talk and listen on aviation frequencies. Pilots carry one as a backup in case the airplane's main radios fail.
Full Definition
A small, portable, battery-powered radio capable of both transmitting and receiving on aviation communication frequencies, carried in the cockpit as a backup to the aircraft's installed radios.
Context Anchor
Seen in emergency and electrical-failure discussions, especially when operating on limited battery power or when the installed radio may stop working.
Derivation
Transceiver' is a blend of 'transmitter' and '' — a single device that does both. 'Hand-held' simply means small enough to operate in one hand, distinguishing it from the larger radios mounted in the panel.