Plain English Meaning
Stopping the takeoff on purpose while still on the runway because something is wrong or doesn't feel right. The pilot pulls the power back, brakes, and stops the airplane instead of lifting off.
Full Definition
A rejected takeoff is the deliberate decision by the pilot to abort a takeoff and bring the airplane to a stop on the remaining runway, made before the airplane becomes airborne or before reaching a defined go/no-go decision point. It is initiated in response to a problem detected during the takeoff roll, such as engine trouble, abnormal instrument indications, control issues, runway incursions, or any that makes continuing the takeoff unsafe.