Plain English Meaning
Smooth covers fitted over the wheels of a plane so the air flows past them more cleanly. They make the plane slip through the air with less resistance, so it flies a little faster and uses a little less fuel.
Full Definition
Streamlined coverings fitted over an aircraft's wheels and landing gear struts to reduce aerodynamic drag in flight. Sometimes called wheel pants, they smooth the airflow around the otherwise blunt, drag-producing wheel and tire, improving cruise speed and fuel efficiency on fixed-gear aircraft.
Context Anchor
Seen in and equipment notes, especially when a assumes the has wheel fairings installed.