Plain English Meaning
Pushing, pulling, or moving the controls too much, so the aircraft swings past where you wanted it and you end up chasing it back.
Full Definition
Applying control inputs that are larger, faster, or more frequent than the situation requires, causing the aircraft to deviate beyond the intended attitude, heading, altitude, or airspeed and prompting further corrective inputs.
Context Anchor
Seen in instrument flying when a pilot is adjusting pitch or power by watching the instruments and may be tempted to chase small changes.
Derivation
From 'over-' meaning too much or beyond, plus 'control.' The 'over' is the idea: not just controlling the aircraft, but controlling it past you intended.