Where you sacrifice something (usually a pawn) to gain an advantage in developement, control, or an attack.
The Queen's Gambit is when you play 1. d4 d5 2. c4
This sacrifices a pawn which will probably be captured later by your bishop.
Also, gambits can be accepted or declined, which means the other player either accepts your sacrifice or continues normally.
what is a gambit? more specifically the queens gambit.