What does this equation mean?

Here $\mathcal{O}_i$ are Standard-Model-field operators of dimension six, $c_i$ are unknown coefficients, and $\Lambda$ is the mass scale of whatever new physics has been integrated out. This is the Standard Model Effective Field Theory (SMEFT) framework used across current LHC and dark-matter searches. Its value is precise and limited: it lets an experiment quote a model-independent bound on $c_i$/$\Lambda^2$ from a measured deviation (or non-deviation) without committing to what specific particle generates that coefficient, and separate models mapping onto the same operators can then be constrained together rather than one at a time. It cannot, by itself, tell you the new particle’s mass or spin; it tells you how tightly current data constrains the combination of scale and coupling.