A vector is a mathematical object with both direction and magnitude. Vectors are visualized by an arrow, where the arrow's point represents the direction and its length represents the magnitude. Vectors can be added to other vectors and multiplied (or scaled) by numbers, known as scalars.
Why use these mathematical objects, and how might you have seen them before? Any time you give someone directions you are describing a vector, ie, "go southeast (direction) 50 steps (magnitude)". In physics, you will see vectors used to describe motion, gravity, electricity, magnitism, and much more.
Now, check out Vector's description of a vector (from Despicable Me).