Plain English Meaning
An airplane with an engine bigger than 200 horsepower. The FAA requires extra training and a logbook endorsement from an instructor before you can fly one as pilot in command.
Full Definition
Under FAA regulations (14 CFR 61.31), a high performance airplane is one with an engine of more than 200 horsepower. A pilot must receive and log ground and flight training from an authorized instructor and obtain a one-time endorsement before acting as pilot in command of such an airplane.
Context Anchor
You will see this term in FAA training requirements, aircraft checkout discussions, and logbook endorsements for pilots moving into more powerful airplanes.