Plain English Meaning
The numbers that tell the pilot how the airplane will behave (performance) and the rules that say how far it can be pushed before damage or loss of control becomes likely (limitations). One side describes capability; the other side draws the line.
Full Definition
The combined body of operating data and boundaries published for a specific aircraft, covering what it can do (performance — takeoff distance, climb rate, cruise speeds, fuel burn, range, landing distance) and what it must not exceed (limitations — maximum weights, airspeed limits, load factors, center of gravity range, engine and operating ). sets of figures are by the manufacturer, by the , and published in the Pilot's Operating () or ().