Plain English Meaning
A ground station that does two jobs at once: it gives an aircraft a bearing toward it (the NDB part) and tells the aircraft how far away it is (the DME part).
Full Definition
A ground-based navigation facility that combines a Non-Directional Beacon (NDB), which transmits a low/medium-frequency signal an aircraft's Automatic Direction Finder (ADF) can home to for bearing information, with Distance Measuring Equipment (DME), which provides the aircraft with slant-range distance to the station. Together they give the pilot both direction to and distance from a single fix.