LCP measures perceived load speed. The metric times the paint of the largest content element visible in the initial viewport — typically the hero image, the first large heading, or a video poster. The threshold is 2.5 s for Good and 4.0 s for Poor; below 1.8 s is the territory you want to live in.
Common LCP killers are slow server response (TTFB), render-blocking CSS or JS in the <head>, and an LCP image that the browser only discovers late in the parse. The fixes are small and repetitive: preload the LCP image (<link rel="preload" as="image">), self-host fonts with font-display: swap, and avoid pushing the LCP candidate below the fold with skeletons.
LCP is part of the Core Web Vitals set Google uses as a page-experience ranking signal. The other two are CLS and INP.