In Hinduism and Buddhism: The sum of a person's actions in this and previous states of existence, viewed as deciding their fate in future existences.
(informal)
destiny or fate, following as effect from cause.
Colloquially, it basically means "what comes around goes around" and that those who do bad will get what they deserve in the end.
In Budhism, it's the constant cycle of birth, death, and re-birth, the goal being that you use and improve your life to reach higher levels of existence. Or, you could be a dick and come back as a cockroach. Do bad = Negative karma which holds you back from spiritual evolution, Do good = Good karma, maybe you'll come back as a rich, supermodel.. meh, what happens, happens..
When you get what you have been sending out...slapped back at ya!!!