Plain English Meaning
The pilot who is officially in charge of the aircraft for a given flight. They make the final decisions and carry the responsibility for what happens during that flight.
Full Definition
The person who has final authority and responsibility for the operation and safety of an aircraft during flight time. The pilot-in-command is responsible for the aircraft, its occupants, and the conduct of the flight, and has the authority to deviate from rules in an in-flight emergency to the extent required to meet that emergency.
Context Anchor
You will see this term in FAA handbooks, regulations, flight planning, aircraft checkout discussions, and situations where two pilots are flying together.
Derivation
The phrase combines 'pilot' (one who steers, originally from Greek 'pedon,' an oar or ) with 'in command' (from Latin 'commandare,' to entrust or order). Together it names the person entrusted with steering and directing the aircraft -- the one whose decisions carry .