Chemical reaction: Pb(NO₃)₂(aq) + 2KI(aq) → PbI₂(s) + 2KNO₃(aq).
aq(aqueous)
means dissolved in water.
s(solid) means that salt (in this reaction PbI₂) not dissolved in water.
This chemical reaction is double displacement reaction - cations (Pb²⁺ and K⁺) and anions (NO₃⁻ and I⁻) of the two reactants switch places and form two new compounds.